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
- $1 Trillion In Global CapEx At "Unambiguous" Risk As A Result Of Crude Crash | ZeroHedge
- It's Not Just Russia: Middle East In Freefall, Biggest Plunge In 6 Years | ZeroHedge
- WTF Chart Of The Day: VIX "Noise" Edition | ZeroHedge
- Commodity Trading Giant Exits Physical Gold Due To "Lack Of Physical With A Documented Origin" | ZeroHedge
- Trade Ideas For Thursday | iBankCoin.com
- This Wasn't Supposed To Happen: 7 In 10 Americans To Save, Spend Gas "Tax Cut" On Bills Not Gifts | ZeroHedge
- Outspooking The Lehman Apocalypse: Could A Russian Default Be In The Cards? | ZeroHedge
The most relevant financial news and articles from the Internets
- 15 Videos That Turned People Into Huge YouTube Stars | Business Insider
- Obama On Sony Hack: People Should 'Go To The Movies' | Business Insider
- Streetinsider.com's Hot Lunchtime... | StreetInsider.com
- This Tremendous Superyacht Has Over 10,000 Square Feet Of Living Space | Business Insider
- Black Friday Madness Just Gave Britain Its Strongest Retail Boom In A Decade | Business Insider
- YES! Apple Pay Is Coming To The UK (AAPL) | Business Insider
- Even The Afghan Taliban Are Saying The Pakistan Massacre Was... | Business Insider