U.S. dollar strong, crude oil falls, stocks hold up despite earnings

Mon Oct 19, 2015 5:36pm EDT
 
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By Sam Forgione

NEW YORK (Reuters) - The U.S. dollar rose against the euro on Monday, ahead of a European Central Bank meeting later this week, while stocks on major world markets ended little changed despite further news of slowing Chinese economic growth.

U.S. stocks ended little changed but investors concern about the poor quality of third quarter earnings reports.

"People are waiting for an onslaught of earnings," said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia. "There's been enough negative guidance about the future to make people skeptical about the direction of the market."

Several Dow components are posting quarterly results this week, including Caterpillar (CAT.N: Quote), Boeing (BA.N: Quote) and Coca-Cola (KO.N: Quote). S&P 500 index stock earnings are expected to have declined about 4.0 percent in the third quarter from a year ago, according to Thomson Reuters data.

Morgan Stanley's profit plunged 42 percent (MS.N: Quote), after a poor quarter for big U.S. banks and the bank's stock (MS.N: Quote) ended down 4.8 percent.

The Dow Jones industrial average .DJI rose 14.57 points, or 0.08 percent, to 17,230.54, the S&P 500 index .SPX gained 0.55 points, or 0.03 percent, to 2,033.66 and the Nasdaq Composite .IXIC added 18.78 points, or 0.38 percent, to 4,905.47.

U.S. DOLLAR STRONG   Continued...

 
Traders work on the floor of the New York Stock Exchange October 19, 2015. REUTERS/Brendan McDermid