A rally in utilites and healthcare stocks helped the Dow and S&P 500 come back to close flat Thursday on the 30th anniversary of the Black Monday crash. Fred Katayama reports.
Apple took the shine off Wall Street Thursday on the 30th anniversary of the Black Monday market crash. But a rally in utilties and healthcare stocks helped the Dow and S&P 500 come back to close flat from an earlier deficit. Michael Bapis of Bapis Group at HighTower: SOUNDBITE: MICHAEL BAPIS, PARTNER, BAPIS GROUP AT HIGHTOWER, (ENGLISH) SAYING: "People are getting nervous. The sentiment's the highest it's been since the 2000 levels. Earnings are moving in the right direction. Ironically, jobless claims were the lowest they've been since 1973. So I think it's like a push-pull. People are wondering where are we going to settle in these markets." Apple shares dropped amid signs of poor demand for the iPhone 8. The CEO of Canada's largest mobile network said appetite for the phone had been "anemic". Also declining: United Airlines and other airline stocks. Flight cancellations caused by hurricanes slammed United's quarterly profit. Verizon shares surged higher. The carrier added more phone subscribers than expected in the latest quarter. Two bright signs on the labor front: The number of Americans filing jobless claims fell to its lowest level in nearly 45 years. Factory employment in the mid-Atlantic region rose to a record high in October. In Europe, political upheaval in Spain and disappointing earnings from Unilever and Publicis pulled the markets lower.