Crude oil had a devastating day, but those losses did not spill over into equities markets. The S&P 500 and Nasdaq ended at records after climbing for their sixth session in a row, a streak not seen since mid-February. Abercrombie & Fitch (ANF) was among the retailers giving markets a boost. The teen retailer reported a narrower same-store sales decline than anticipated. Shares spiked a day earlier on reports of takeover interest. Guess? (GES) also lifted the sector following a better-than-expected quarter. Earnings and sales both beat estimates, though its earnings forecasts for its current three-month period did come in on the weak side. General Motors (GM) sank after allegedly implementing devices designed to cheat diesel emissions tests, similar to those used by Volkswagen. A proposed class-action lawsuit seeks damages. GM has called the allegations baseless.
More from Video
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.