SCOREBOARD: Offer is on

Regardless of a positive lead from Europe, US stocks threw off early gains, a result which also came amid some positive earnings results.

Despite a positive lead from the Europeans, US stocks look set to close in the red again, although magnitudes are small. They had actually opened higher initially (S&P500 high of 0.5 per cent), following yesterday’s hit and a stronger-than-expected spike in new home sales (5.7 per cent in September after –1.3 per cent). Some positive earnings reports also helped here, as I guess did another lift in house prices ( 0.7 per cent according to the FHFA) but soon after the offer was on. And it stayed on, actually accelerating after the FOMC decision.

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