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Bob Carey
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  US Stocks Ended Oct. 28, 2016
Posted Under: Weekly Market Commentary
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Equities traded lower during the month as the S&P 500 was down -1.81% with one more day to go in October. The index posted a -0.68% return for the week and has gained 5.88% YTD. After opening higher on Monday, the index slowly faded each day into the close on Friday. As a result of the selloff in global bonds, the dollar rose to a seven-month high on Thursday before selling off on Friday. OPEC discussed production targets, sending oil lower after topping out at $51.60 last week. M&A deals came in a big way this week. British American Tobacco proposed a deal to buy the remaining interest of Reynolds American that it did not already own. This deal would give British American Tobacco the largest share of the e-cigarette market in the US. Time Warner is the target of a proposed deal from AT&T. Concerns loom from US regulators that the deal would result in antitrust issues for AT&T. Qualcomm Inc announced the acquisition of NXP Semiconductors for $110 per share or over 10% premium based on Friday's close.Tech giants Apple and Alphabet Inc. reported earnings this week. Apple's results were in line with expectations, but the speculated boost from Samsung's battery scandal did not help iPhone sales as much as analysts had expected. Alphabet reported earnings on Thursday that were lower than expectations, but positive revenue outlooks for video, mobile, and cloud computing moved the stock higher on Friday. Akami Technologies Inc., a cloud services company, turned in the best performance in the S&P 500 Index with a 21.22% gain. The company moved higher after reporting higher profit and sales than analyst expectations The next two best performers were Level 3 Communications and F5 Networks with returns of 14.66% and 14.05%, respectively.
Posted on Monday, October 31, 2016 @ 8:04 AM • Post Link Share: 
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These posts were prepared by First Trust Advisors L.P., and reflect the current opinion of the authors. They are based upon sources and data believed to be accurate and reliable. Opinions and forward looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security.
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