A rally on Wall Street on Wednesday with the Dow Jones Industrial up 154 points. The S&P 500 and Nasdaq broke a three-day losing streak. Investors are still cautious about the tensions in the Middle East but banked on more stimulus from the ECB. Positive data on the housing front with new home sales surging 18% also help lift the markets. But new home sales hitting a 6-year high couldn't help KB Home (KBH) shares from falling. The homebuilder lost more than 5% after missing earnings estimates. Walmart (WMT) is now a bank. The world's biggest retailer is joining Green Dot (GDOT) to offer checking account services. Walmart closed nearly 2% higher. Green Dot gained more than 24%. Apple (AAPL) quickly pulled a botched update for its iPhone operating system after complaints rolled in about the new version. Problems included losing cellular service.
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How quickly do we find support, is what we'll want to know now, as the correction is occurring while economic optimism builds.
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Salesforce, Amgen and Honeywell will give a lift to the DJIA going forward.
CAG has hung onto the bulk of its recent gains, and could rise to the $50 area, according to the charts and indicators.