Dow chalked a super 3 digits gain. Wahahaaaa.
Shirleyfong88888 ( Date: 06-Nov-2013 22:20) Posted:
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World Markets
North and South American markets finished broadly lower today with shares in Mexico leading the region. The IPC is down 1.89% while Brazil's Bovespa is off 1.11% and U.S.'s S& P 500 is lower by 0.28%.
North and South American Indexes
U.S. Stocks Advance as Commodity Shares Rally Before Data
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NEW YORK (CNNMoney)
The market has been riding a huge wave of momentum, and investors continued to push stocks higher at the start of the week.
The
Dow Jones industrial average.
S& P 500, and
Nasdaq ended Monday with modest gains.
U.S. stocks rose, after the Standard & Poor?s 500 Index climbed for four straight weeks, as Exxon Mobil Corp. and
U.S. Steel (X) Corp. led a commodity rally while investors awaited data on employment and economic growth.
?The path of least resistance continues to be up,? James Dunigan, who helps oversee $118 billion as chief investment officer in Philadelphia at PNC Wealth Management, said by phone. ?In general, the earnings picture is good. Valuations with the market at these levels are probably in the fair range. As you get into year-end portfolio adjustments, playing on that momentum we?ll likely see the market continue to do well here as opposed to selling off. I think if there are any sort of corrections they?ll be short lived in this environment.?
The equity gauge
jumped 4.5 percent in October as the
Federal Reserve decided to continue $85 billion in monthly bond purchases, and companies beat earnings forecasts. Investors are watching data to gauge the health of the
U.S. economy after the Fed last week said it needs to see more evidence of sustained improvement before reducing the pace of its monthly bond purchases.
Earnings Beat
Seventy-six percent of the 373 S& P 500 companies that have reported
earnings so far have beaten analysts? estimates, according to data compiled by Bloomberg. Income for the broad index probably increased 4.1 percent in the third quarter, according to analyst estimates compiled by Bloomberg.
The
S& P 500 has surged more than 160 percent from a bear market low in 2009 as the central bank introduced unprecedented monetary stimulus to spur growth. The benchmark gauge is up 24 percent this year, poised for the best annual gain since 2003.
The rally pushed the index?s price-to-earnings ratio up 18 percent this year to 16.7, near the highest level in more than three years, data compiled by Bloomberg show. The 15-year average multiple is 19.3.
The economy probably slowed in the third quarter and employers hired fewer workers in October, economists project reports to show this week.
GDP Report
Gross domestic product grew at a 2 percent annualized rate after a 2.5 percent pace from April through June, according to the median forecast of 69 economists surveyed by Bloomberg before Commerce Department figures due Thursday. Growth in
consumer spending, the biggest part of the economy, was probably the weakest since 2011. Payrolls rose by 125,000 workers last month after a 148,000 gain in September, Labor Department figures may show Friday.
Data today showed U.S. factory orders increased 1.7 percent in September after falling 0.1 percent the prior month. Economists estimated a gain of 1.8 percent for September.
?We?ve been in this slow growth environment for some time and we don?t see it breaking out of the trend,? Rex Macey, who helps oversee $20 billion as chief investment officer at Wilmington Trust Investment Advisors in Atlanta, said in a phone interview. ?That?s the thing markets kind of like, where it could be a little warmer, but at least it?s not too hot.?
Year-End Momentum
The rally in U.S. equities may accelerate in the final two months of the year and lift the S& P 500 to its biggest annual increase in 16 years, a look at historical data suggests. Since 1928, shares have climbed in November and December 82 percent of the time when the benchmark gauge advanced at least 10 percent through October, data compiled by S& P and Bloomberg show. The mean increase of 6 percent in this period signals that the index could jump to 1,862.79.
In another sign that investor appetite for equities is growing,
Twitter (TWTR) Inc. raised the price of shares in its initial public offering by as much 25 percent, putting it on track to raise $1.75 billion amid brisk demand. Twitter is likely to price its initial public offering above the increased range, two people with knowledge of the matter said.
World Markets
North and South American markets finished mixed as of the most recent closing prices. The Bovespa gained 0.78% and the S& P 500 rose 0.36%. The IPC lost 0.17%.
North and South American Indexes
US futures are like this..!
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