"“These economic data points really point toward an environment that is slow growth and not a recession, yet we’ve priced in a recession,” said Burt White, chief investment officer for LPL Financial. “The GDP in the third quarter is going to be stronger than the first two quarters combined.”"
He is a chief investment officer. Not too bright if he priced in a recession. What was so hard about keeping up with the NASDAQ economic calendar, MarketWatch, and Bloomberg to name a few. Better still, he should've logged on to HC lol
"[BRIEFING.COM] Stocks started to slip from their afternoon perch, but buyers were quick to step back in and offer support. The major equity averages are now back near their best levels of the day."
That was heart warming. The Market faltered and traders were standing on the sidelines willing to offer their fellow traders a helping hand to support their shares as the margin calls weighted on them.
Anyway, always appreciate your Market wrap Mihal. Here's Briefing's version. Let's hope the Jobless Claims show promise tonight.
[BRIEFING.COM] Stocks overcame a relatively weak start to book another round of big gains, which have resulted in the market's best back-to-back performance in more than a month.
Momentum from the prior session's late surge was tested at the open, when participants contradicted the positive tone of premarket trade to send stocks into the red for the first few minutes of trade. Buyers took little time to step back in, though.
Favor for tech stocks and natural resource plays was the strongest. Tech, which offered leadership for the second straight session, helped the Nasdaq outpace its counterparts on its way to a gain of more than 2%. Yahoo! (YHOO 15.92, +1.46) was a high flyer in response to rumors that Microsoft (MSFT 25.89, +0.55) is interested in the company. Later reports refuted the rumor.
Materials stocks, which lack any kind of meaningful market weight, swung up to a 4.2% gain. Energy stocks climbed to a 3.3% gain, helped along by a spike in crude oil prices, which settled pit trade with at almost $79.70 per barrel for a gain of more than 5% following a weekly inventory report that featured a surprisingly large draw.
Financials dragged on trade for most of the session and were even the cause of a midsession pullback. Down more than 2% at its low, the sector spent all by the final 30 minutes of the day in negative territory as diversified financial services stocks and investment banks more than offset strength among insurers. However, the sector managed to bounce as the broad market staged the last leg of its climb into the close. Financials finished with a gain of more than 1%.
The stock market's final push into the close helped stocks settle near session highs. Stocks have now climbed 4% over the course of the past two sessions.
In the backdrop of today's action, an ADP Employment Change report showed that private payrolls increased by 91,000, which bested the Briefing.com consensus call for an increase of 45,000. The report offers an encouraging preview of the official nonfarm payrolls report, which will be released Friday morning.
The ISM Services Index for September was less exciting. It registered slipped to 53.0 from 53.3 in the prior month, but still narrowly exceeded the 52.8 that had been expected, on average, among economists polled by Briefing.com.
Advancing Sectors: Materials +4.2%, Energy +3.3%, Tech +2.4%, Industrials +2.2%, Consumer Discretionary +1.8%, Health Care +1.6%, Financials +1.2%, Consumer Staples +0.2% Unchanged: Utilities Declining Sectors: Telecom -0.3%
