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
- Deutsche Bank: De-Globalization Trend Not as Clear as It Seems | Financial Sense
- Chinese Developers Rethink U.S. Real Estate Projects: "I See Danger...U.S. Real Estate Is Peaking" | ZeroHedge
- The OPEC Deal: Here Are the Details | Financial Sense
- The Orwellian War On Skepticism | ZeroHedge
- Jill Stein Raises Fundraising Goal Again To $9.5MM - Almost 4 Times Her Initial Target | ZeroHedge
- "Meanwhile In Europe..." - The Big Day Arrives | ZeroHedge
- Jill Stein Drops PA Recount, Blames Lack Of Funds, Slams System That's "Stacked Against Voters" | ZeroHedge
The most relevant financial news and articles from the Internets
- The most dangerous foods for your pets | Business Insider
- 7 up-and-coming healthy fast food chains that should scare McDonald... | Business Insider
- 'The old rules no longer apply... | Business Insider
- ‘Shark Tank’ investor Chris Sacca calls... | Business Insider
- Here's how to manipulate Trump | Business Insider
- Argentina is gearing up for a beaver bloodbath — and it's all to... | Business Insider
- The Fed confirmed some of the most troubling trends in... | Business Insider