Stocks Climb Higher On Monday

Monday’s stock market action brought more bullishness at the beginning of a week which will bring some important economic data.  With the advance estimate of third-quarter GDP scheduled for release on Thursday and the October non-farm payrolls report set for Friday, it will be a challenge for stocks to maintain their current price levels through the week. Q3: US GDP Nowcast: +2.1%

The Dow Jones Industrial Average (NYSEARCA:DIA) picked up 23 points to finish Monday’s trading session at 15,639 for a 0.15 percent advance. The S&P 500 (NYSEARCA:SPY) advanced 0.36 percent to 1,767.

The Nasdaq 100 (NASDAQ:QQQ) rose 0.15 percent to finish at 3,384. The Russell 2000 (NYSEARCA:IWM) jumped 1.15 percent to 1,108.

In other major markets, oil (NYSEARCA:USO) declined 0.26 percent to close at $34.04.

On London’s ICE Futures Europe Exchange, December futures for Brent crude oil advanced 23 cents (0.22 percent) to $106.14/bbl. (NYSEARCA:BNO).

December gold futures advanced $1.20 (0.09 percent) to $1,314.40 per ounce (NYSEARCA:GLD).  How Much More Gold Can They Drain from GLD?

Transports drove up Mt. Everest on Monday, as the Dow Jones Transportation Average (NYSEARCA:IYT) climbed 1.22 percent.

In Japan, the stock market was closed for a public holiday (NYSEARCA:EWJ).

In China, stocks advanced after the official non-manufacturing PMI report released by the National Bureau of Statistics indicated an increase to 56.3 in October from September’s 55.4. The Markit/HSBC China Non-Manufacturing PMI report will be released on Tuesday. The Shanghai Composite Index was unchanged at 2,149 (NYSEARCA:FXI). Hong Kong’s Hang Seng Index declined 0.26 percent to end the day at 23,189 (NYSEARCA:EWH).

Meanwhile stocks advanced in Europe after HSBC reported. The bank’s quarterly earnings report indicated a pre-tax profit of 30 percent. The Euro STOXX 50 Index finished Monday’s session with a 0.30 percent advance to 3,061 – climbing further above its 50-day moving average of 2,919. Its Relative Strength Index is 65.28 (NYSEARCA:FEZ).

1 2
View single page >> |


How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.


Leave a comment to automatically be entered into our contest to win a free Echo Show.