The Dow Jones Industrial Average hovered agonizingly close to its historic 20,000 level, though failed to gather the last bit of momentum to top the milestone. The blue-chip index is roughly 40 points from that level. Carnival (CCL) reported a better-than-expected fourth quarter, a positive development after a waste-dumping scandal earlier in the month. The cruiseliner reported sales growth of more than 6% over its recent quarter. AMC (AMC) has settled with the Justice Department, a crucial final hurdle before it could complete its acquisition of Carmike Cinemas (CKEC) . AMC is required to divest from locations in 15 markets before the deal can be finalized. Credit Suisse (CS) is reportedly close to settling an investigation into the sale of toxic mortgage securities. The DoJ has requested the bank pay at least $5 billion to settle the charges.
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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.