Financial News

LONDON (ShareCast) - Shares in the US recovered after an initial fall. The Dow is now 56 points higher and the S&P 2 higher. In contrast, the Nasdaq (NASDAQ: news) is 10 lower having started the day higher.

The improvement comes despite a decline in US consumer confidence in October as people worried about jobs. This is the second month that there has been a decline in consumer confidence.

BP, which is listed in New York as well as London, helped push the US markets higher following its better than expected third quarter earnings. Profit attributable to shareholders came to $5.34bn between July and September from $8.05bn in the third quarter last year. Cost cutting helped to minimise the drop in profits and there are more cost savings to come. The quarterly dividend was maintained at 14 cents.

A rise in the oil price provided further impetus to oil companies. Exxon Mobil (NYSE: XOM - news) and Chevron Corp (NYSE: CVX - news) were two of the top three performers in the Dow.

Computer giant International Business Machines intends to buy back more of it own shares.

Flexible packaging manufacturer Bemis increased its full year earnings forecast to $1.81 a share.

A sharp decline in the share price of Chinese internet search engine owner Baidu Inc (NASDAQ: BIDU - news) hampered Nasdaq. Baidu says that fourth quarter revenues will be around $180m, against previous average analyst expectations of more than $200m.

Fears that it had lost market share in the Macau casino sector sent shares in Wynn's Resorts lower.

S&P 500 - RisersCabot Oil & Gas Corp. (COG) $42.60 +11.20% Textron Inc (NYSE: TXT - news) . (TXT) $19.86 +8.17% Bemis Co Inc. (BMS) $27.20 +5.63% Life Technologies Corp. (LIFE) $49.55 +5.31% Convergys Corp (NYSE: CVG - news) . (CVG) $11.20 +5.07% Coventry Hlth Care (CVH) $19.32 +5.06% Lorillard Inc. (LO) $77.37 +4.24% Torchmark Corp (NYSE: TMK - news) . (TMK) $44.38 +4.06% Massey Energy Co (NYSE: MEE - news) (MEE) $32.19 +3.44% Avery Dennison Corp (NYSE: AVY - news) . (AVY) $38.08 +3.37%

S&P 500 - Fallers V F Corp. (VFC) $72.57 -7.54% Wynn Resorts Ltd. (WYNN) $58.64 -7.02% A K Steel Holdings Corp. (AKS) $17.59 -6.39% Limited Brands Inc (NYSE: LTD - news) . (LTD) $18.27 -6.26% United States Steel (NYSE: X - news) (X) $38.05 -6.23% CIT Group Inc. (CIT) $1.01 -5.61% International Game Tech (IGT) $19.44 -5.31% MEMC Electronic Materials (NYSE: WFR - news) (WFR) $12.94 -4.78% Manitowoc Co. (MTW) $10.76 -4.61% Expedia Inc (NASDAQ: EXPE - news) . (EXPE) $25.30 -4.60%

Dow Jones I.A - Risers American Express Inc. (AXP) $36.04 +3.33% Exxon Mobil Corp. (XOM) $74.98 +2.39% Chevron Corp. (CVX) $77.17 +2.28% Du Pont E I De Nemours and Co. (DD) $33.15 +2.25% Verizon Communications Inc. (VZ) $29.17 +1.87% JP Morgan Chase & Co. (JPM) $44.54 +1.64% International Business Machines Corp. (IBM (NYSE: IBM - news) ) $121.79 +1.40% Pfizer Inc. (PFE) $17.35 +1.34% Merck (MERK.JK - news) & Co. Inc. (MRK) $32.40 +1.19% AT&T Inc. (T) $25.53 +0.87%

Dow Jones I.A - Fallers Alcoa Inc (NYSE: AA - news) . (AA) $13.08 -1.51% Walt Disney Co. (DIS) $28.33 -1.12% Boeing Co (NYSE: BA - news) . (BA) $48.03 -0.54% Hewlett-Packard Co. (HPQ) $47.64 -0.46% McDonald's Corp. (MCD) $58.95 -0.42% Bank Of America Corp (NYSE: IKJ - news) . (BAC) $15.34 -0.39% Caterpillar Inc (NYSE: CAT - news) . (CAT) $56.91 -0.28% United Technologies Corp. (UTX (A045880.KQ - news) ) $64.79 -0.06% Home Depot Inc (NYSE: HD - news) . (HD) $26.08 -0.06%

Nasdaq 100 - Risers Life Technologies Corp. (LIFE) $49.55 +5.31% Vertex Pharmaceuticals Inc (NASDAQ: VRTX - news) . (VRTX) $33.40 +4.02% IAC/InterActiveCorp (IACI) $19.85 +2.57% Liberty Global Inc (NASDAQ: LBTYA - news) . Series A (LBTYA) $21.83 +2.25% Illumina Inc. (ILMN) $41.88 +2.10% Genzyme Corp (NASDAQ: GENZ - news) . (GENZ) $52.65 +1.85% Cephalon Inc (NASDAQ: CEPH - news) . (CEPH) $54.46 +1.63% Stericycle Inc. (SRCL) $53.00 +1.40% Expeditors International Of Washington Inc. (EXPD) $33.27 +1.34% Biogen Idec Inc (NASDAQ: BIIB - news) . (BIIB) $44.70 +1.29%

Nasdaq 100 - Fallers Baidu Inc. (BIDU) $383.41 -11.45% Wynn Resorts Ltd. (WYNN) $58.64 -7.02% Expedia Inc. (EXPE) $25.30 -4.60% Paccar Inc (NASDAQ: PCAR - news) . (PCAR) $37.73 -3.87% Starbucks Corp (NASDAQ: SBUX - news) . (SBUX) $19.31 -3.69% Amazon.Com Inc. (AMZN) $121.23 -2.74% Cerner Corp (NASDAQ: CERN - news) (CERN) $79.68 -2.44% Nvidia Corp. (NVDA) $12.68 -2.31% Foster Wheeler AG (FWLT) $30.31 -2.19% Akamai Technologies Inc. (AKAM) $20.87 -2.17%