Midday Report: U.S. Stocks Recover After Surprise Drop in Crude Inventories: TheStreet

TheStreet

Published on Oct 26, 2016

Stocks pulled back from losses with the S&P 500 and Dow Jones Industrial Average turning positive. Apple contributed to major losses early in the day after quarterly sales fell for the first time in 15 years. Crude oil clawed back from losses of more than 1% after a surprise drop in domestic inventories. A weekly read on crude stocks showed a drop of 600,000 barrels in the past week. New home sales moved higher in September, reaching their second-best level since the recession. However, a number of previous months were downwardly revised, pointing to a slower recovery despite red-hot demand. Coca-Cola jumped after a smaller-than-expected drop in quarterly profit and sales. Revenue fell nearly 7% as foreign exchange weakness took a 2% hit to the topline.