Daily Market Recap
European markets were up across the board in overnight trading. Averages in the U.K., Germany, France and Italy were up between 1.2% and 2.7%. The bullish tone was established in futures trading here in the U.S. The market opened higher and then spiked higher a half hour into trading. The catalyst for the aggressive move came in response to better than expected numbers form the September ISM index. The number came in at 51.5 against an expectation of 49.7. The S&P 500 spent a good deal of the morning up better than one percent. The major averages faded into the close to finish well off their respective highs. The Dow led the way with a gain of 0.6%, the S&P 500 was up 0.3% and the NASDAQ was off 0.1%. The NASDAQ was dragged down by negative performance today from both Apple and Microsoft.
The financial sector was in favor today, with Goldman Sachs as a clear leader upon favorable analyst coverage. Bank of America was another leader in the space. Citigroup was a laggard as it was downgraded by a broker.
Healthcare stocks continued their recent strong performance. Large pharma stocks were up almost across the board. Hospital and other service related names in the space also performed well.
Crude had a favorable reaction to the ISM number. Crude traded north of $93.30 in the morning session and closed off its highs to finish up 0.3%.
Metals were bid higher at the opening today but closed well of their highs. Chicago Fed Chairman Evans made dovish comments regarding Fed actions and the metals space traded off on the comments.
Source: PFS Group
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