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
- Schwab Is Forcing Cash Out Of Money Market Funds And Into Treasuries | ZeroHedge
- Will NIRP Trigger a Systemic Event? | ZeroHedge
- This Data Shows The Shale Debt Crisis Is Hitting Record Levels | Financial Sense
- "Sell In May" ... And June | ZeroHedge
- Home Prices Rose 5.3% Year-Over-Year in February | Financial Sense
- It's A Trap! | ZeroHedge
- Germany's Third Largest Party Adopts Anti-Islam Manifesto: Says "Muslims Are Not Welcome In Germany" | ZeroHedge
The most relevant financial news and articles from the Internets
- The future of financial services & technology explained | Business Insider
- The 3 plays in sports everybody will be talking about today | Business Insider
- 3 banks just lost close to $100 million from the collapse of another megadeal | Business Insider
- Julia Roberts was paid $3 million for 4 days of work on her latest movie | Business Insider
- Drew Brees Tops the Power 100 in 2012 | BusinessWeek
- Berkshire Hathaway's legendary annual meeting just wrapped up — here's... | Business Insider
- This 360-degree video of SpaceX's historic rocket landing lets you watch... | Business Insider