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Wall St dips as telecoms slump

Thursday, October 20, 2016 - 01:18

U.S. stocks ended a choppy session on Thursday with a slight decline as investors digested the latest round of earnings. Jeanne Yurman reports.

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RESENDING WITH CORRECTED TRT Microsoft's quarterly profits and sales beat analysts' estimates after the bell Thursday driven by strong demand for cloud products and sevrices. After two up days the stock market took a break Thursday, closing nearly unchanged in choppy trading. But stocks still have a lot of room to rise, says Ed Dempsey is Chief Investment Officer at Pension Partners. SOUNDBITE: EDWARD DEMPSEY, CHIEF INVESTMENT OFFICER, PENSION PARTNERS (ENGLISH) SAYING: "We've had declining earnings for three or four years. This is the first we're going to have a year-over-year increase in earnings. I don't think think there's, you know much of that that's been priced in at all." Verizon struggled last quarter amid a saturated phone market. Revenue plunging as subscriber growth came in much weaker than forecast. On the flip side, American Express shares surged as the card issuer's quarterly results impressed, and it gave upward guidance. Despite tight inventories and rising prices, sales of pre-owned homes rose 3.2 percent last month, the fastest pace since June. The figure boosted by first-time home buyers. And weekly jobless claims ticked higher, though the long-term trend still points to growth in the labor market. Overseas European stocks touched a two-week high with the euro easing and banks rallying.

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Wall St dips as telecoms slump

Thursday, October 20, 2016 - 01:18