Stocks are Up, everyone Jump In
Picking up the pieces from Hurricane Sandy the U.S. markets are now in day two of operation after taking two days off. Stocks are raging with the S&P 500 moving up 1%, the Dow Jones up 1.25% and the Nasdaq up 1.4%.
Today's increase is thanks to more jobs in the states, consumer confidence improving, and favorable ISM data. Today ADP said U.S. businesses added 158,000 jobs in October 2012. The Labor Department reported that applications for unemployment benefits dropped 9,000 to 363,000 last week. The market is taking that as a sign and money rich corporations are finally starting to hire again.
The latest consumer confidence reading for October came in at 72.2 while economists polled by Briefing.com expected a reading of 72.0. This follows prior month's 70.3 print.
October ISM Index came in better-than-expected at 51.7 versus the 51.0 Briefing.com consensus, and up from September's reading of 51.5. Meanwhile, September construction spending rose by 0.6% month-over-month, against the expected increase.
Enjoy the rally today Masters. Here's a look at the major indexes:
Best of the Blogs
Scanning and identifying the best blog entries every hour
- Charlie Munger On Trump As President: "Anyone Who Makes Money Running A Casino Isn't Morally Qualified" | ZeroHedge
- This Is What Central Bank Failure Looks Like (Part 4) | ZeroHedge
- Could Gasoline Drop Below $1 Per Gallon? | ZeroHedge
- The Great Reset | ZeroHedge
- 6 Dead After Gunman Storms Saudi Education Department | ZeroHedge
- Frontrunning: February 11 | ZeroHedge
- Abewrongics - 16 Months Of Japanese Money-Printing For Nothing | ZeroHedge
The most relevant financial news and articles from the Internets
- The owner of the Independent and Independent on Sunday confirms end of print... | Business Insider
- Stephen Curry took his game to another level by mastering an intense routine of core and leg exercises | Business Insider
- Donald Trump on Michael Bloomberg: 'Not a friend of mine anymore' | Business Insider
- The most luxurious chocolate boxes in the world | Business Insider
- Book Review: <em>Thinking, Fast and Slow</em> by Daniel Kahneman | BusinessWeek
- THE MINING CRUNCH IS HERE: Rio Tinto's earnings halved as price falls cause $7.7 billion worth of pain | Business Insider
- The CEO of $2.8 billion Slack says it has one big... | Business Insider