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Oct 26 2015

Wall St pulls back from recent sharp gains

Market Recap 10/23/15:
U.S. stocks rose on Friday, with the S&P 500 turning positive for the year on the back of strong corporate results from major Technology companies. Microsoft (MSFT), Amazon (AMZN) and Alphabet (GOOGL) all jumped after topping analyst forecasts, with the latter two hitting record intraday levels. The results all helped assuage concerns that this season would be weak given the impact of a stronger U.S. dollar and slower economic growth out of China. While profits have fallen from the year-ago period, the weakness has not been as pronounced as feared, putting markets in an upward trend. Sentiment was also boosted after the People’s Bank of China cut interest rates for the sixth time since November, the latest move taken by the central bank to accelerate its growth. 
 
Looking ahead:
U.S. stock index futures were lower on Monday, receding after a period of strong gains returned the S&P 500 to positive territory for the year. Earnings continue to be a major focus for investors, with a number of key names still yet to report, but recent action has also been driven by central bank action and comments out of the United States, Europe and China. Homebuilders will likely be in view on Monday, with the scheduled released of housing data after the market opens. Make sure you don’t miss this week’s Money Matters with Gary Goldberg, which will air Sundays at 11 on WOR710. Visit our website www.ggfs.com for more details.