Upbeat earnings announcements and strength in overseas markets has boosted U.S. stock futures this morning.
JPMorgan Chase reported an earnings increase of 23%, as its loan losses continued to decline. Chipmaker Intel Corp reported a rise in both sales and earnings, and railroad operator CXX also topped forecasts.
Economic news is light today. The Mortgage Bankers’ Association purchase index fell 8.5%, but the refinance index surged 21.0% to push the composite index 14.6% higher. The average rate on 30-year mortgages fell four basis points in the week to a record low 4.21%. A separate report showed import prices fell 0.3% in September and export prices rose 0.6%.
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