The Japanese stock market closed at its highest level since December 5, 1996 on Tuesday. Driving the recent gains have been strong earnings, an improving economy, and loose monetary policy. This is yet another global equity market that is breaking out to multi-year highs, further supporting our view that the global bull market is alive and well. For some stock market trivia, December 5, 1996 is the same day as Alan Greenspan’s “irrational exuberance” speech. (LPL Research)
JPMorgan Chase reported Q3 profits well above Wall Street estimates, but the stocks is down as investors focused on a big drop in trading revenue. (CNBC)
AT&T third quarter results were negatively impacted by the hurricanes and earthquake in Mexico. They said the impact was two cents per share. AT&T also lost 90,000 video subscribers during the quarter, due to heavy competition. (CNBC)
Citigroup reported better-than-expected quarterly results with EPS of $1.42 and sales of $18.173 billion. Both were better than expected. A decline in fixed-income trading was offset by an increase in equity trading revenue. (Reuters)
The S&P 500 is down 3 and the NASDAQ is down 8. The MSCI international index is lower.
Oil is down 75 cents at $50.56 a barrel.
Gold is up $9 at $1298 a Troy ounce.
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.