Wall Street was on a wild ride yesterday, with stocks swinging wildly between highs and lows. Stocks had opened moderately higher on hopes that a stimulus deal might still get done ahead of the election. But it wasn't meant to last. All three major indexes finished sharply in the red.
In a further show of strength for the housing sector, builder confidence in the market for newly-built single-family homes increased two points to 85 in October, further surpassing the previous all-time high of 83 recorded in September, according to the latest NAHB/Wells Fargo Housing Market Index. These are the first two months the index has ever been above 80.
ConocoPhillips is doubling down on crude oil by making a major acquisition. Conoco announced a $9.7 billion all-stock takeover of Concho Resources, a fracker squarely focused on the Permian Basin, the massive West Texas oilfield at the heart of the shale revolution. The companies said the deal will make the new Conoco the largest independent oil-and-gas company in the United States, with daily production surpassing 1.5 million barrels.
Shares of IBM are lower after the company reported the third consecutive quarter of declining revenue. The company blamed their exposure to retail and transportation as reasons for the decline.
With Northwest Quadrant Wealth Management, I’m Tyler Simones.