U.S stocks closed Thursday's session with meager gains, as investors remain cautious and confused so as what their next moves should be, with weak earnings reports and better-than-expected economic data. According to NextCandle.com's stock forecast, U.S indices should end mixed on Friday as well: the Dow was given a 55% probability of hitting a lower target, slipping down from 13103.68 to 13039.86; however, the S&P 500 was also given a 51% probability of hitting a higher target, edging up from 1412.97 to 1421.12. Finally, Nasdaq, was given a 67% probability of hitting a lower target, sliding down from 2986.12 to 2975.98.
The market is stuck in a rut
U.S. stocks finished with slim gains on Thursday, as investors hesitate between better-than-expected economic data and disappointing corporate earnings. Earnings estimates were low to begin with, but this year's third quarter has turned out to be even more disappointing, causing the market to stagnate for the past two weeks.
All the same, the market has been under pressure due to uncertainty ahead of the U.S. presidential election and the looming fiscal cliff. However, Thursday's economic reports turned out to be encouraging. The U.S labor department indicated that initial jobless claims dropped more than expected last week. The U.S Census Bureau also reported that durable goods in September also came in above expectations. Signs of progress in Europe have also boosted investors, as European officials are expected to give Greece more time to meet its budget objectives.
Global stocks end mixed
U.S indices inched up as investors welcomed better-than-expected economic data on Thursday: the S&P 500 added 0.30%, making up for Thursday's losses, from 1408.75 to 1412.97, the Dow edged up 0.20%, also erasing previous losses, from 13077.34 to 13103.68, and finally, Nasdaq inched up 0.15%, from 2981.70 to 2986.12.
European stocks closed mixed on Thursday: Germany's DAX added 0.10%, France's CAC 40 shed 0.44%, and finally Britain's FTSE 100 retreated 0.62%. Across the Pacific, Asian stocks also finished Thursday's session mixed: the Shanghai Composite fell 0.68%, while Hong Kong's Hang Seng gained 0.21%, and Japan's Nikkei surged 1.13%.
Today’s Forecast: Further Mixed Results For U.S Indices
26 October 2012