Friday, July 23, 2010

Industrials Power Rally

A number of industrial firms reported successful Q2s,spurring the market to a rally this week.United Technologies,Honeywell,Caterpillar and Ford all beat Wall Street estimates,reassuring investors that business is still possible in the post-Lehman world.Microsoft,Coca-Cola and UPS also beat the Street.
In baseball,Philadelphia was beating Colorado 5-0 before the 85th consecutive sellout crowd in Philly,and Baltimore brushed past Minnesota 3-2.An obscure American golfer,Brent Delahoussaye,28,led the Canadian Open in Otobicoke,Ontario,along with compatriot Steve Wheatcroft,at 9 under par.The top Canadian on the Order of Merit of the Canadian Tour,Adam Hadwin,22,shot a 66 for a -6.The PGA Tour moves to West Virginia next week for the Greenbrier Classic.Update:American Dean Wilson and South African Tim Clark surged to the top of the leaderboard with a 10 under par.
Strong storms shook the New York City area tonight,with tornado warnings blanketing the metro environs.Morris County,New Jersey reported downed trees and wires,and circulation was detected by radar,but no tornadoes were seen.
The S&P futures were continuing the rally this evening,up 12.90,while the Dow futures rose another 119.0 and the NASDAQ clocked a +21.0,with bond futures also gaining.
United Technologies(UTX),Honeywell(HON),Caterpillar(CAT),Ford(F),Microsoft(MSFT),Coca-Cola(KO),United Parcel Service(UPS)

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