Oct 22, 2009 (SmarTrend(R) Market Commentary via COMTEX News Network) -- Last updated October 22, 2009: 5:00 PM ET --- The major U.S. equity indices closed higher Thursday after investors were encouraged by a good batch of earnings reports. The Conference Board's index of leading economic indicators rose 1% in September after a 0.4% gain in August. Economists had expected an increase of 0.8% last month. In corporate news, Wal-Mart (NYSE:WMT) said it expects sales to increase 1% to 2% for the current fiscal year and 4% to 6% next year. American Express (NYSE:AXP) reported fiscal Q3 EPS of 54 cents, topping the consensus estimates of 38 cents. Revenues fell 16% year-over-year to $6.01 billion, ahead of the consensus estimates of $5.92 billion. Broadcom (NASDAQ:BRCM) reported Q3 EPS of 16 cents, down 49% from the year-ago period. Excluding certain items, the company reported EPS of 40 cents, vs. consensus estimates of 33 cents. The Dow Jones Industrial Average closed 1.33% higher at 10,081.31, the S&P 500 closed 1.06% higher at 1,092.91, and the Nasdaq Composite closed 0.68% higher at 2,165.29.
Write to Chip Brian at cbrian@tradethetrend.com
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