Bears Knock Down Stocks, But Blackstone Breaks Out | Stock News & Stock Market Analysis

Major stock indexes in the U.S. staggered lower at Thursday’s open, but a key financial stock broke out.

The bears were back as the small cap Russell 2000 lost 0.7%, and the Nasdaq dived 1%. The S&P 500 and the Dow Jones industrial average each fell 0.5%.

Volume in the stock market today was running higher on both major exchanges.

Financial play Blackstone (BX) broke out of a cup-with-handle base, clearing a 33.93 buy point in huge volume. Blackstone has an EPS Rating of 95, which means it is in the top 5% in earnings growth among all the stocks in IBD’s database. Blackstone reported quarterly results that topped the Street’s consensus targets on earnings and revenue.

Meanwhile, eBay (EBAY) missed on earnings but beat on revenue. The stock gapped down 4% in torrid volume. The online marketer has a lackluster earnings rating of 48.

Dow component American Express (AXP) beat on the top and bottom lines. The stock slipped 1% in early action.

In economic news, reports were bullish.

First-time jobless claims were almost 8% fewer than expected. The Philadelphia Fed’s outlook survey, a gauge of manufacturing, came in at 27.9, easily topping views for 20.2.

Outside the U.S., Brazil stocks fell 1%. On Wednesday, an economic activity index fell more than expected in August. But Brazil’s services PMI gauge for September shifted to expansion mode with a 50.7 reading.  This ended four months of contraction.

In Argentina stock indexes were flat. On Wednesday, anonymous sources said the Trump administration would slap Argentina with trade penalties on imports of biodiesel as early as Friday. This could undermine President Mauricio Macri’s pro-market, pro-America policies just two days before the midterm elections in Argentina.


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Originally posted 2017-10-19 16:25:13.


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