Market Recap: Stocks End Strong on Econ & Corporate Data
Markets closed up today:
▲ Dow: +1.04 percent
▲ Nasdaq: +1.44 percent
▲ S&P: +1.09 percent
▼ Gold: -0.46 percent to $1,716.32 an ounce
▼ Silver: -0.16 percent to settle at $32.32
▲ Oil: +0.88 percent
Markets closed up today because:
It’s only been a day, but November on Wall Street is already looking a lot better than October.
Not terrible economic data and corporate news converged Thursday to give U.S. stocks their best day since mid-September. The Dow Jones industrial average rose 100 points the first half hour of trading. At around 10 a.m., two more reports came out that pushed the Dow up as much as 177 points. It fell back some, but held a steady gain for the rest of the day.
The Dow closed up 136.16 points, or 1 percent, at 13,232.62. It was the best day since Sept. 13.
The Standard & Poor’s 500 index rose 15.43 points, or 1.1 percent, to 1,427.59. The Nasdaq composite index added 42.83, or 1.4 percent, to 3,020.06.
All three indexes fell in October, their first monthly losses since May.
The 10 a.m. boost came after the Institute for Supply Management said factories are seeing more orders and increased production. The index has shown growth for the first two months of this quarter.
Before trading began, the government said applications for unemployment benefits fell 9,000 last week to a seasonally adjusted 363,000. Separately, payroll provider ADP said businesses added 158,000 jobs in October.
Another major piece of economic news comes out at 8:30 a.m. Friday, the Labor Department’s October jobs report. That report will be watched closely by traders to see how well the U.S. economy is recovering. If the number is especially good or bad, it also could influence the outcome of next week’s presidential election.
Exxon Mobil beat the financial expectations of analysts surveyed by FactSet, but reported lower production of oil and gas. Its stock rose 43 cents to $91.60.
Kellogg Co.’s net income edged up in the third quarter as its acquisition of Pringles chips earlier this year paid off. Kellogg leapt $1.18, or 2.3 percent, to $53.50.
Pfizer said its third-quarter profit fell 14 percent on plunging sales, mainly due to new competition from generic forms of Lipitor, long the world’s top-selling drug. Pfizer fell 32 cents to $24.55.
The Associated Press contributed to this report.
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