Stocks continue to trade under pressure. The Dow fell 29 points on light volume to close at 17,930. Tech stocks were lower thanks to Facebook earnings. One market commentator said the last time the Cubs won the World Series it was an election year and the Dow rebounded over 8% after the victory. Just tell that to an Indians fan.
Facebook reported Q3 numbers and they are “great but not great enough”. Facebook posted a 56% increase in revenue and a 91% increase in profits as online ad revenue continued to expand across a user base that now sits over one billion souls. The company going forward however muted expectations by saying that ad revenue growth rates were starting to soften. Markets reacted by pushing the stock off of highs as the gurus began recalculating what this might mean in the months to come.
A Strategic think tank called Geopolitical Futures reported that from January through September this year, Mexicans working outside the country sent $20 billion back home to their families which apparently is a record amount. 95% of these remittances came from the US.
Gold continued to hold at a recent high level despite volatility. The shiny golden stuff closed the day at $1,304 per ounce. WTI crude oil fell back another 1.5% on supply concerns closing at $44.60.