Daily Market Recap

The ISM nonmanufacturing index was better than expected for the month of September. The index increased to 55.1. This the highest level since March. While manufacturing numbers have not been stellar lately the number today shows improvement in the service side of the economy. ADP employment data gave a reading of 162,000 private sector jobsadded in September.

Telecom, financials, consumer discretionary and homebuilding stocks were all strong today. Energy and the materials sector trailed the broad market. Tower stocks were particularly strong in telecom. Rumored merger activity, if the deals are consummated, will have a minimal impact on projected tower growth. Banks are stand outs today in the financial sector. Mortgage applications were up 39% year over year and up 16% over the numbers released last week. Banks and housing related issues were up on the open and strengthened throughout the course of the day. Apartment occupancies rose in the third quarter at the slowest pace in more than two years as record low mortgage rates are enticing people to purchase homes instead.

Transports had a good session today. Airlines were the leader in the sector. Analyst upgrades of the rails sector spurred buying in the space.

Crude oil slumped again. There were several “reasons” for the pullback floating around but those were just rumors. The plunging Iranian currency situation underscored the power of sanctions. Turkey and Syria exchanged fire also today. Most of the largest energy related stocks traded lower today. Crude was off more than 4% as oil output hit its highest level since 1996.

Source: PFS Group

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