Closing Bell 10.22.07

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“Beating expectations.”
“Defying expectations.”
That's not just Apple's earnings people are talking about. Those are two of the phrases that people are using to talk about today’s stock market performance. The early morning reports from markets around the world, indications from the futures markets and opening bell market movements all pointed toward another day of downward facing dog on the markets. And, instead, we ended up with the tree-pose. (At least, that’s how DealBreaker’s yoga guru Bess Levin described it in our after-market meeting.)
The Nasdaq was the clear leader. It dipped deep and early but staged a comeback after the first half-hour of trading. By 10 am, it had staged a rally above Friday’s close. After a brief pull-back into negative territory, it then went on to stay afloat for the rest of the day. Around 1 pm, it hit a high of around 2754, stayed just below that level for most of the day. It closed for a gain of gained 28.77, or 1.1%, to 2753.93.
The Dow lagged most of the day, only breaking into positive territory after noon. The index’s movements closely tracked the Nasdaq for the rest of the day, albeit with only slightly less than half of the upside. By the end of the day it gained 44.95, or 0.3%, to close at 13566.97. Eighteen of the 30 Down components were higher at the end of the day than they were when it started. The S&P 500 tracked the Dow almost step for step, ending the day with a gain of 5.70, or 0.4%, for a close at 1506.33.
At the end of the day, 1,786 stocks were showing green arrows on the New York Stock Exchange and 1,459 were showing red. Volume was high near the open and the close but lower through midday. The overall effect was that volume remained at the slightly elevated levels we’ve seen for the last couple of sessions (excluding Friday), with 1.4 billion share trading hands.
Bond yields tracked the movement of the equities indexes. Early in the day, Treasuries shot up, sending the yield on two-year notes to their lowest levels since, well, two years ago. Treasuries mostly ended lower, with a small gain for the 30-year bond.
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