Reply #52: closing numbers and blather [View All]

[UpInArms]

Dow 10,027.47 +22.93 (+0.23%)
Nasdaq 1,974.99 -0.75 (-0.04%)
S&P 500 1,130.20 +2.76 (+0.24%)
10-Yr Bond 4.029% -0.051

NYSE Volume 1,449,779,000
Nasdaq Volume 1,661,806,000

Close: It was a sluggish day of trade that was the product of huge gains observed over Tuesday and Wednesday, a 2% climb in the price of crude oil (to $51.76/bbl), and a sense of apprehension ahead of Tuesday's presidential election and Friday's employment report... The overhangs curbed widespread buying interest, kept the volume totals light, and translated into mixed breadth figures at the averages... At the same time, the indices did not sell-off wholeheartedly as the blue chip averages - for instance - managed slight 0.2% gains...

Most economic reports were bullish and helped lift economically-sensitive (cyclical, machinery, transportation) parts of the market... October Michigan Consumer Sentiment was revised higher to 91.7 (consensus of 88.0), Q3 (Sept) GDP came in at 3.7% - below the consensus of 4.3% - but was offset by a low chain deflator (at 1.3%), and October Chicago PMI checked in at whopping 16-year highs... The huge spike in the regional manufacturing report (to 68.5) suggested strong upside to the national manufacturing report (ISM Index) - released Monday...

As a result, industrial and basic material posted solid gains over the course of the session - the latter (like gold) helped out by the yen's climb to 6-month highs against the yen... Other areas, such airline, retail, and most pockets of tech did not find buying interest as traders booked profits from the week's gains...

Have a Great Weekend Everyone!