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Actionable news in INTC: Intel Corporation,

Number 9

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DOW + 36 = 18,595
SPX + 9 = 2173
NAS + .53 = 5089
10 Y + .03 = 1.59%
OIL + .29 = 44.94
GOLD – 16.40 = 1316.30

The Dow Industrial Average is on a 9-day winning streak; its longest winning streak since March 2013. The Dow and S&P 500 have set multiple record closing highs in recent days. But the Nasdaq remains 3.5 percent away from its record close.

A 9-day winning streak for the Dow has only happened 7 times since 1980. In each of the other six instances, the index has been up the following six months with an average gain of 10.41%. Going back to 1900, a 9-day streak has happened 30 times and the average gain in the following six months has been 5.96%.

The dollar is at a four-month high against a basket of currencies, bolstered by strong economic data and growing expectations the Fed may raise rates before the end of the year. The dollar index is trading above 97, its highest level since March 10. Fed funds futures rates now suggest a 40% chance of a rate hike in December, compared with less than 20% a few weeks ago. Treasuries declined, with the 10-year yield rising three basis points to 1.59 percent. The yield has risen from an all-time low of 1.318 percent

According to Thomson Reuters, 64 percent of S&P 500 companies have topped earnings estimates. That compares to a long-term average of 63 percent over the past 22 years. Even though earnings are expected to be down 5.4% when compared with year ago levels, they are beating diminished expectations and that is apparently good enough to fuel the rally that’s added more than $4.5 trillion to the value of equities worldwide in three weeks.

Morgan Stanley (MS) this morning reported better-than-expected quarterly earnings and revenue, aided by the financial giant’s fixed income and investment banking businesses.

After the closing bell yesterday, Microsoft (MSFT) reported adjusted quarterly earnings of 69 cents per share, 11 cents above estimates, with revenue also beating forecasts. The software giant’s key cloud product, Azure, saw revenue grow 102 percent for its fiscal fourth-quarter.

Intel (INTC) reported quarterly earnings that beat expectations, but revenues for the quarter came in slightly lower than expected. In particular, the company reported revenue from its data center and “Internet of Things” segments that slightly missed expectations. Intel has previously cast...


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