Mondelez and Kellogg Drive Consumer Gains and Tech Boosts Nasdaq
Stocks hold at session highs as a two-day tech rally extends into a third and better-than-expected earnings from Mondelez and Kellogg sweep the consumer staples sector higher.
Stocks held at session highs as a two-day tech rally extended into a third and better-than-expected earnings from Mondelez International Inc. (MDLZ) and Kellogg Co. (K) swept the consumer staples sector higher. All indexes were on track to end the month with gains.
Mondelez, parent of brands such as Oreo and Triscuit, reported a 2% increase in sales. Organic revenue growth of nearly 3% was thanks to strength in its Latin America business.
Rockwell Automation (ROK) surged on reports the company has received, and rejected, several offers from Emerson Electric Co. (EMR) . The latest offer values Rockwell at more than $27 billion.
Consumer confidence rose to its best level in more than 16 years in October. Consumers have grown more optimistic over the short-term outlook, particularly improving business conditions. However, expectations for job growth dropped.
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.
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