Markets Flip to Positive after Unexpected Election Results
Wall Street began our session in a positive mood as corporate earnings provided an unexpected bright spot, but soon slumped into volatility as investors waited out the election slog. The election changed everything as our trading session ended Nov. 15, 2016.
Positive earnings boosted the HVACR Business Stock Index, which rose 34.46 points, or 2.81 percent, and closed at 1258.71. Advancing issues bypassed declining issues by a 24-to-7 count.
The Commerce Department reported that the U.S. gross domestic product rose by 2.9 percent in the third quarter, the strongest pace in two years.
After the unexpected election results, Wall Street rallied instead of falling, pushing the Dow industrials to all-time highs and the S&P 500 to its largest weekly gain in two years.
Lennox topped earnings and revenue estimates for the quarter, but other pressures, including a downgrade from UBS, sent LII down 6.48 points, or 4.11 percent.
Commercial gas storage water heater shipments increased 18.5 percent in August 2016 to 8,028 units, up from 6,776 units shipped in August 2015.
Year-to-date combined shipments of central air conditioners and air-source heat pumps increased 4.9 percent to 5,466,934 units, up from 5,212,622 units shipped in August 2015.