Market Recap: Investors Ignore Corporate Data and Turn Eyes Toward Europe

Markets closed up on Wall Street today: Dow +1.38%, S&P +1.05%, Nasdaq +0.46%, Oil2.54%, Gold +1.25%.

On the commodities front, Oil (NYSE:USO) fell to $90.80 a barrel. Precious metals were up, with Gold (NYSE:GLD) climbing to $1,721.60 an ounce while Silver (NYSE:SLV) rose 1.01% to $33.39.

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Today’s markets were up because:

1) Europe. Stocks rallied this afternoon after European leaders, holding a summit today in Brussels, hinted that they might be nearing a compromise on how to shore up the region’s finances and combat the contagion of the sovereign debt crisis from spreading. European government leaders have pledged to unveil a comprehensive plan to address the region’s debt crisis at the end of the summit.

2) Tech. Markets began the day lower after a disappointing earnings report from Amazon (NASDAQ:AMZN) dragged down the technology sector. In its report yesterday, Amazon forecast that its operating results in the next quarter would range from a loss of $200 million to a profit of $250 million. The news brought down Cisco (NASDAQ:CSCO) and Microsoft (NASDAQ:MSFT) in early trading, but they soon shook off the slump as Europe continued to drive trading.

3) Boeing. With markets starting the day lower, dragged down by heavyweights like Cisco and Microsoft, Boeing almost single-handedly held up the Dow after reporting better-than-expected earnings and announcing the completion of the first successful commercial flight of its new 787 Dreamliner. Joining Boeing in what has so far proved to be a fairly exclusive club this earnings season was Lockheed Martin (NYSE:LMT), which reported earnings that beat Wall Street’s expectations, as did Northrop Grumman (NYSE:NOC). Despite falling revenue General Dynamics Corporation (NYSE:GD) also managed to boost profit in the third quarter.

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