An early-morning rally proved short-lived as a sharp decline in materials stocks overshadowed a positive earnings report from Apple Inc. (AAPL) . The Dow reached its never-before-seen 20,000 level earlier. Crude oil prices were in flux even after a decline in domestic inventories. The EIA reported a drop in crude supplies of 1.5 million barrels in the past week. Distillate and gasoline stockpiles also declined. Rio Tinto PLC (RIO) weighed on the materials sector following a disappointing first half of the year. The mining company earned underlying profit of $3.94 billion over the first half of the year, lower than consensus. Time Warner (TWX) reported a better-than-expected second quarter thanks to the box-office success of Wonder Woman. The media company expects its merger to AT&T (T) to be completed by year's end.
Get an email alert each time I write an article for Real Money. Click the "+Follow" next to my byline to this article.
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.
Breaking down an approach to the long side of this biotech stock.
Real Money's message boards are strictly for the open exchange of investment ideas among registered users. Any discussions or subjects off that topic or that do not promote this goal will be removed at the discretion of the site's moderators. Abusive, insensitive or threatening comments will not be tolerated and will be deleted. Thank you for your cooperation.
If you have questions, please contact us here.
Email
Email sent
Thank you, your email to has been sent successfully.
