The Nasdaq and S&P 500 ended at records for the second day in a row. Broadcast stocks rose after deal talks between Discovery Communications (DISCA) and Scripps Networks (SNI) , while tech names continued their recovery. Morgan Stanley (MS) was one of the only banks to rise following its second-quarter report. Investment banking revenue was 27% higher. Like other banks, bond trading revenue did get hit. CSX Corp. (CSX) declined after projecting full-year earnings growth below Wall Street estimates. The railroad company did top profit and sales estimates over its second quarter, though, while adding another $500 million to its share buyback program. Vertex Pharmaceuticals (VRTX) rocketed higher after a series of analyst upgrades. Raymond James, Cowen and Barclays bumped up their ratings following positive mid-stage results for Vertex's cystic-fibrosis combination treatments.
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.