Strong corporate earnings boost stocks

Market sentiment was lifted by earnings beats from Goldman Sachs, Morgan Stanley and Johnson & Johnson.

Posted: Oct 17, 2018 12:36 PM
Updated: Oct 17, 2018 12:37 PM

Stock market volatility is back with a vengeance.

The Dow was down nearly 320 points Wednesday before rebounding from the worst of its losses. At one point, it even moved slightly higher.

Today's moves followed an extremely wild week for the markets.

The Dow plunged more than 830 points last Wednesday and then lost nearly 550 points more the next day. It then rebounded with an almost 300 point gain Friday. The market was calm Monday but the Dow then surged 550 points Tuesday.

So what happened Wednesday?

Strong earnings from Netflix failed to ignite the market. Even though Netflix (NFLX) shares were up 4%, investors were alarmed by downbeat results from IBM (IBM). Big Blue's stock plunged 6% and was one of the biggest drags on the Dow.

Home Depot (HD) also held the Dow back. Shares fell more than 4% following disappointing data about the housing market and worries about rising interest rates. Rival Lowe's (LOW) was down more than 3% as well.

But bank stocks continued to be a bright spot. Wall Street king Goldman Sachs (GS) was up 3%, a day after it and rival Morgan Stanley (MS) both reported solid earnings. JPMorgan Chase (JPM) shares were up 1.5% too.

Investors also may be shifting toward safer stocks in health care and consumer staples that pay nice dividends and could hold up if the economy slows as a result of higher interest rates and lingering trade concerns with China.

Drug makers Johnson & Johnson (JNJ) and Pfizer (PFE) were each up about 2% and pharmacy giant Walgreens (WBA) rose 1.5%, McDonald's (MCD) was up 2% too. The fast food giant reports its latest earnings on October 23.

Mississippi Coronavirus Cases

Data is updated nightly.

Cases: 296154

Reported Deaths: 6764
CountyCasesDeaths
DeSoto19700230
Hinds18851392
Harrison16736281
Rankin12757265
Jackson12623228
Lee9694161
Madison9480203
Jones7990147
Forrest7234138
Lauderdale6837226
Lowndes6032140
Lamar589680
Lafayette5740113
Washington5220130
Bolivar4616124
Oktibbeha441593
Panola431995
Pearl River4178131
Warren4134115
Pontotoc410571
Marshall403592
Monroe3990127
Union396174
Neshoba3817169
Lincoln3552104
Hancock348975
Leflore3380118
Sunflower318986
Tate303174
Pike301296
Scott294570
Alcorn292263
Yazoo290565
Itawamba290175
Coahoma281169
Tippah279265
Copiah278758
Simpson276280
Prentiss270258
Wayne254341
Leake252871
Marion252778
Covington249580
Grenada247878
Adams234678
George232145
Newton230852
Winston221877
Jasper213645
Tishomingo212665
Attala206669
Chickasaw201453
Holmes182370
Clay179251
Stone172429
Tallahatchie171239
Clarke169371
Calhoun158028
Smith153033
Yalobusha145036
Greene127833
Walthall124340
Noxubee122831
Montgomery122639
Perry122135
Lawrence120321
Carroll118625
Amite111734
Webster110832
Jefferson Davis102231
Tunica99323
Claiborne98829
Benton93824
Humphreys92927
Kemper90323
Quitman77414
Franklin76119
Choctaw69817
Jefferson62727
Wilkinson62426
Sharkey49117
Issaquena1676
Unassigned00

Alabama Coronavirus Cases

Cases: 497154

Reported Deaths: 10029
CountyCasesDeaths
Jefferson714001387
Mobile36252736
Madison32573462
Tuscaloosa24289414
Montgomery22708519
Shelby22112215
Baldwin19856285
Lee15021155
Calhoun13755288
Morgan13742252
Etowah13379320
Marshall11439210
Houston10110262
Elmore9451185
Limestone9413136
St. Clair9003225
Cullman8979182
Lauderdale8610212
DeKalb8486175
Talladega7582165
Walker6571259
Jackson6542103
Autauga631391
Blount6229127
Colbert5998120
Coffee5259103
Dale4657107
Russell406433
Franklin399778
Covington3989106
Chilton3891100
Escambia378772
Tallapoosa3613143
Clarke343953
Chambers3423111
Dallas3419142
Pike293372
Marion288895
Lawrence284683
Winston258668
Bibb245960
Geneva240270
Marengo238357
Pickens225055
Barbour212951
Hale211969
Fayette201357
Butler201166
Henry182941
Cherokee177739
Monroe166639
Randolph164640
Washington156635
Macon147243
Crenshaw146254
Clay145554
Cleburne139741
Lamar133733
Lowndes132551
Wilcox122525
Bullock117236
Conecuh107024
Perry105927
Sumter99432
Coosa89624
Greene88532
Choctaw55123
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