Investors hemmed and hawed over whether a stellar jobs report was a good or bad thing as analysts determine what this means for the chances of a December rate hike. The uncertainty took its toll on trading with stocks opening higher before plunging to session lows and remaining in the red by midday. BHP Billiton (BHP) and Vale (VALE) were sharply lower after deadly mudslides in Brazil caused dams to burst at their joint venture. Investors predict the incident will lead to expensive repairs and potential legal bills. DreamWorks Animation (DWA) jumped after the DVD release of children's movie 'Home' helped to boost profits in its recent quarter.
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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.