U.S. stocks open slightly higher as Greek banks reopen after being closed for 3 weeks. The Greek stock market remains closed. Morgan Stanley (MS) beats earnings expectations on less bond business and more wealth management. CF Industries (CF) shares soar on reports that it's in merger talks with a Dutch fertilizer firm. Lockheed Martin (LMT) announces it will buy United Technologies (UTX) Sikorsky Helicopter in a $9 billion deal that will combine the Blackhawk helicopter with the F-35 fighter jet. Democratic presidential candidate Hillary Clinton is expected to announce proposed changes to the capital gains tax this week, according to the Wall Street Journal. Gold prices hit a 5 year low after a sell-off in Asia. Gold briefly traded below $1,100 an ounce.
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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.