Stocks swung widely Thursday, as the Dow was down almost 380 points at its session low, but was able to complete a near 800 po

Stocks swung widely Thursday, as the Dow was down almost 380 points at its session low, but was able to complete a near 800 point swing to close 400 points higher with a 4.7% gain. It finished at its high.The Volatility Index, or VIX, hit an all-time high of 81 during the session. It registered that mark as stocks traded at their session low, but retreated to below 70 late in the session as stocks advanced in their final run of the session. The session's gains were broad based, but the financial sector was a general laggard. It closed 1.7% higher. Swiss banking giant UBS (UBS 17.33, +0.67) showed relative strength after the Swiss government said it will inject the equivalent of roughly $5 billion into the firm and the Swiss central bank will purchase nearly $60 billion worth of toxic assets. The moves mirror those made by governments and central banks across the globe to restore the financial system and credit markets. Further reflecting the difficult conditions facing financial firms, Citigroup (C 15.90, -0.33) and Merrill Lynch (MER 18.35, +0.11) both posted losses for the latest quarter. The losses stem largely from asset write-downs and other impairment charges. Outside the financial sector, the global leader in handset sales, Nokia (NOK 15.54, +0.43), met earnings expectations, as did health insurer UnitedHealth (UNH 22.63, +0.96). Conglomerate United Technologies (UTX 52.88, +3.63) topped earnings expectations with its results. Online auction site eBay (EBAY 14.97, -0.36) beat the consensus, but issued downside guidance for the fourth quarter. Its shares fell, but that didn't stop the Nasdaq from outperforming its counterparts. Fellow Nasdaq components Yahoo! (YHOO 12.99, +1.24) and Microsoft (MSFT 24.19, +1.53) advanced on reports that suggested Microsoft may still have an interest in Yahoo. Airlines fared extremely well, Southwest Airlines (LUV 12.49, +0.93) and Continental Airlines (CAL 15.75, +2.91) both announced better-than-expected third quarter earnings per share results, helping lift the Amex Airline Index 21%. Meanwhile, competitors UAL (UAUA 10.30, +2.59) and US Airways (LCC 6.78, +1.49) rode the tailwind of their peers. Their gains helped the Russell 2000 advance 6.9%. Lower oil prices also bode well for airlines. During the session, oil futures fell below $70 per barrel for a time, but settled closer to $72 per barrel. Concerns of a global slowdown continue to cut the price of the commodity, as did today's word that crude inventories grew by 5.61 million barrels. Analysts expected a build less than half that. Despite oil's slide, the energy sector made the strongest gains, advancing 7.8% on strength in oil and gas exploration and production companies (+12.1%). The sector's advance comes in stark contrast to its 15.5% dive in the prior session. In economic news, filings for jobless benefits declined 16,000 to 461,000, which was below the consensus 470,000 claims. The four-week moving average ticked up to 483,250 from 482,500 and leaves things on track for a 10th consecutive month of nonfarm payroll declines. Industrial production for September decreased 2.8%, which is worse than the 0.8% downturn that was anticipated. It was the largest decline since 1974, but excluding extraordinary happenings (hurricanes and a strike at Boeing) industrial production would have been positive. The core rate for CPI dropped to 0.1% in September and will probably stay at that level, or even drop to zero for the next few months. Total CPI was flat and may well be flat to down for several more months given the drop in energy prices.
[BRIEFING.COM] Stocks swung widely Thursday, as the Dow was down almost 380 points at its session low, but was able to complete a near 800 point swing to close 400 points higher with a 4.7% gain. It finished at its high. The Volatility Index, or VIX, hit an all-time high of 81 during the session. It registered that mark as stocks traded at their session low, but retreated to below 70 late in the session as stocks advanced in their final run of the session. The session's gains were broad based, but the financial sector was a general laggard. It closed 1.7% higher. Swiss banking giant UBS (UBS 17.33, +0.67) showed relative strength after the Swiss government said it will inject the equivalent of roughly $5 billion into the firm and the Swiss central bank will purchase nearly $60 billion worth of toxic assets. The moves mirror those made by governments and central banks across the globe to restore the financial system and credit markets.

Further reflecting the difficult conditions facing financial firms, Citigroup (C 15.90, -0.33) and Merrill Lynch (MER 18.35, +0.11) both posted losses for the latest quarter. The losses stem largely from asset write-downs and other impairment charges.

Outside the financial sector, the global leader in handset sales, Nokia (NOK 15.54, +0.43), met earnings expectations, as did health insurer UnitedHealth (UNH 22.63, +0.96). Conglomerate United Technologies (UTX 52.88, +3.63) topped earnings expectations with its results.

Online auction site eBay (EBAY 14.97, -0.36) beat the consensus, but issued downside guidance for the fourth quarter. Its shares fell, but that didn't stop the Nasdaq from outperforming its counterparts. Fellow Nasdaq components Yahoo! (YHOO 12.99, +1.24) and Microsoft (MSFT 24.19, +1.53) advanced on reports that suggested Microsoft may still have an interest in Yahoo.

Airlines fared extremely well, Southwest Airlines (LUV 12.49, +0.93) and Continental Airlines (CAL 15.75, +2.91) both announced better-than-expected third quarter earnings per share results, helping lift the Amex Airline Index 21%. Meanwhile, competitors UAL (UAUA 10.30, +2.59) and US Airways (LCC 6.78, +1.49) rode the tailwind of their peers. Their gains helped the Russell 2000 advance 6.9%.

Lower oil prices also bode well for airlines. During the session, oil futures fell below $70 per barrel for a time, but settled closer to $72 per barrel. Concerns of a global slowdown continue to cut the price of the commodity, as did today's word that crude inventories grew by 5.61 million barrels. Analysts expected a build less than half that.

Despite oil's slide, the energy sector made the strongest gains, advancing 7.8% on strength in oil and gas exploration and production companies (+12.1%). The sector's advance comes in stark contrast to its 15.5% dive in the prior session.

In economic news, filings for jobless benefits declined 16,000 to 461,000, which was below the consensus 470,000 claims. The four-week moving average ticked up to 483,250 from 482,500 and leaves things on track for a 10th consecutive month of nonfarm payroll declines.

Industrial production for September decreased 2.8%, which is worse than the 0.8% downturn that was anticipated. It was the largest decline since 1974, but excluding extraordinary happenings (hurricanes and a strike at Boeing) industrial production would have been positive.

[BRIEFING.COM] Stocks swung widely Thursday, as the Dow was down almost 380 points at its session low, but was able to complete a near 800 point swing to close 400 points higher with a 4.7% gain. It finished at its high..

The Volatility Index, or VIX, hit an all-time high of 81 during the session. It registered that mark as stocks traded at their session low, but retreated to below 70 late in the session as stocks advanced in their final run of the session.

The session's gains were broad based, but the financial sector was a general laggard. It closed 1.7% higher.

Swiss banking giant UBS (UBS 17.33, +0.67) showed relative strength after the Swiss government said it will inject the equivalent of roughly $5 billion into the firm and the Swiss central bank will purchase nearly $60 billion worth of toxic assets. The moves mirror those made by governments and central banks across the globe to restore the financial system and credit markets.

The session's gains were broad based, but the financial sector was a general laggard. It closed 1.7% higher.

The core rate for CPI dropped to 0.1% in September and will probably stay at that level, or even drop to zero for the next few months. Total CPI was flat and may well be flat to down for several more months given the drop in energy prices. DJ30 +401.35 NASDAQ +89.38 NQ100 +5.5% R2K +6.9% SP400 +3.9% SP500 +38.59 NASDAQ Adv/Vol/Dec 1862/3.35 bln/905 NYSE Adv/Vol/Dec 2195/2.0 bln/954