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Oct 30 2015

Wall St edges up, energy earnings in view

Market Recap 10/29/15:

U.S. stocks finished slightly lower on Thursday as investors continued to digest comments from the Federal Reserve from the day before. In the central bank’s statement, the Fed indicated it might raise interest rates at its December meeting, faster than many investors had anticipated given continued concerns over global growth and the profit drop the S&P 500 has seen in the third quarter. Also cooling sentiment was GDP data that showed the economy grew 1.5 percent in the third quarter, decelerating from the 3.9 percent pace of the second quarter. On the upside, healthcare stocks rose after Allergan (AGN) confirmed it was in buyout talks with Pfizer (PFE), a deal that could potentially be huge if it comes to pass.

Looking ahead:

U.S. stock index futures were modestly higher on Friday, following some strong results released after the market closed on Thursday. Both Expedia (EXPE) and First Solar (FSLR) on their stronger-than-expected reports, the latest companies this season to top expectations. Market direction throughout the session could come with the release of reports from such major names as Exxon Mobil (XOM) and Chevron (CVX), both of which will provide insight into the state of the energy sector, by far the hardest hit group this quarter. Investors are also looking ahead to data on personal spending and income, as well as consumer sentiment. Make sure you don’t miss this week’s Money Matters with Gary Goldberg, where the guest will be former Russian chess Grandmaster Garry Kasparov, who will be discussing his book, Winter is Coming: Why Vladimir Putin and the Enemies of the Free World Must be Stopped. The show will air Sundays at 11 on WOR710. Visit our website www.ggfs.com for more details.