Nov. 13 – American stocks rose for a second week this week as the earnings at several large firms were enough to offset the downswing in consumer confidence . However, both the dollar and oil dropped as well.
One of the of the two big winners, Disney, raised the price of a subscription to ESPN and their profits rose by 18 percent. Abercrombie & Fitch was the other company that showed big earnings. There were other firms too that had good quarters and the familiar names include J.C. Penney Co. and Goodyear Tire & Rubber Co.
Some of the experts here are suggesting that things are looking up because consumers are willing to look at the long term rather than just the short term data releases. A large majority of S&P 500 companies that have supplied information did better than expected in the third-quarter earnings per share. This was the best result for a full quarter in Bloomberg data going back over ten years, even as profits were down overall for the ninth quarter in a row.