Stocks rallied today, following better than expected U.S. economic data ahead of Friday’s highly anticipated payrolls report. The European Central Bank reassured financial markets, at its policy meeting today, that it is prepared to purchase bonds of euro zone members once necessary conditions are met and interest rates will remain unchanged.
The number of Americans filings for unemployment benefits rose by 4,000 to 367K (370K expected) last week, suggesting that the labor market is holding steady. Continuing Claims for the week ended September 22, was unchanged from the week prior at 3.281 million.
Factory orders decreased by 5.2% (-5.9% expected) in August, compared to a revised 2.6% increase in July.
The FOMC minutes released today reveled that the Federal Reserve may institute numerical thresholds for inflation and joblessness that would serve as a guide for policy. All but one member in September’s meeting agreed that additional QE was needed.
In other news, the National Hockey League canceled the first two weeks of the 2012-13 regular season due to the absence of a labor agreement with locked-out players.
Have a good Thursday night.
Market Indices/Statistics:
- Dow closed up 80.75 pts/+0.60 % to 13,575.36
- S&P closed up 10.41 pts/+0.72% to 1,461.40
- Nasdaq closed up 14.23 pts/+0.45% to 3,149.46
- 25 of the 30 Dow stocks closed higher
- All of the S&P 500 sectors closed up
- Financials was the most positive sector (+1.47%)
- The VIX ended down 0.88 at 14.55
- Oil is up $3.47 to $91.61
- Nat Gas is up $.014 to $3.409
- Gold is up $12.90 to $1,792.70
- Euro vs. Dollar is up $0.0112 to $1.3016
- Dollar vs. Yen is up $0.03 at $78.49
Top Headlines:
Hewlett-Packard (HPQ, +$0.03/+0.20% to $14.94 ) CEO, Meg Whitman discussed in an interview on CNBC, a turnaround strategy for the Company, indicating that investments in different areas of the business will provide growth in 2014 and 2015.
Reports indicate Charles Schwab (SCHW, +$0.33/+2.59% to $13.09) and TD Ameritrade (AMTD, +$0.20/+1.27% to $15.95), are closing some of their European businesses as a result of a slow trading year in the region.
According to sources, Navistar (NAV, +$0.44/+2.10% to $21.43) will cut administrative and engineering spending and may shut down factories to lower its costs.
Earnings:
None
Coming Friday:
Economic Reports: Nonfarm Payrolls (115K expected) at 8:30 a.m.; Unemployment Rate (8.2% expected) at 8:30 a.m.; Consumer Credit ($7.5B expected) at 3:00 p.m.
Earnings: Constellation Brands (est.: $0.54)
Giuseppe Montefinese
Corporate Actions & Market Watch
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