Stock Market News for November 2, 2012 - Market News
02 Novembro 2012 - 7:06AM
Zacks
Benchmarks finished in the green on
the first trading day of November banking on positive consumer
confidence and private sector jobs data. In the aftermath of
Hurricane Sandy’s havoc, investors drew strength from the slew of
bullish economic reports. The consumer confidence index touched its
highest level in more than four years. Investors will keep their
eyes fixed on non-farm payroll data that is scheduled for release
tomorrow. Industrials and materials were the major gainer among the
S&P 500 groups. The S&P 500 registered its best day in
seven weeks and the blue-chip index also scored its best day since
September 13.
The Dow Jones Industrial Average (DJI) jumped 1.0% to close the day
at 13,232.62. The Standard & Poor 500 (S&P 500) surged 1.1%
to finish yesterday’s trading session at 1,427.59. The tech-laden
Nasdaq Composite Index rose 1.4 % to end at 3,020.06. The
fear-gauge CBOE Volatility Index (VIX) tumbled 10.3% to settle at
16.69. Consolidated volumes on the New York Stock Exchange,
American Stock Exchange and Nasdaq were roughly 6.7 billion shares,
marginally higher than the daily average of 6.5 billion shares.
Advancers outpaced the decliners on the NYSE; as for 74% stocks
that gained, 22% stocks closed in the red.
Automatic Data Processing’s (NASDAQ:ADP) National Employment report
revealed that the U.S. private sector added 158,000 jobs in the
month of October in comparison to 114,000 in the month of
September. This was above the Street’s estimates. According to the
report, large businesses added 81,000 jobs, whereas medium and
small businesses added 27,000 and 50,000, respectively, in the
month of October. The service sector added 144,000 jobs, while
goods producers accounted for 14,000 more jobs. Construction and
professional/business services added 23,000 and 35,000 jobs,
respectively. However, the manufacturing industry reported a
decline of 8,000 jobs.
Separately, the U.S. Department of Labor released its initial
claims report, according to which the number of Americans filing
for unemployment has decreased from the previous week. According to
the report, the advance figure for seasonally adjusted initial
claims for the week ending October 27 decreased by 9,000 to 363,000
from the previous week’s 372,000. The reported was below consensus
estimates of 372,000.
Meanwhile, the consumer confidence index touched its highest level
since February 2008. According to the report, the consumer
confidence index increased to 72.2 in October from 68.4 in
September, beating the consensus estimate of 71.4. The present
situation index increased to 56.2 from 48.7, while the expectations
index increased to 82.9 from 81.5 recorded last month. The increase
in consumer confidence was boosted by the improving job market.
Meanwhile, the ISM manufacturing index rose by 0.2 points to 51.7
in October from 51.5 in the month of September. This was above the
consensus estimates of 51.2. New orders increased by 1.9% to 54.2,
whereas the production index increased 2.9% to 52.4. The employment
index declined by 2.6% to 52.1. According to market experts, the
manufacturing sector has supported the U.S. economy in such
difficult times.
Meanwhile, construction spending edged up 0.6% from August to a
seasonally adjusted annual rate of $851.6 billion in September.
This was in line with consensus estimates of a 0.6% increase. The
September 2012 figure is 7.8% above September 2011 estimates of
$790.3 billion. Private and public construction spending increased
by 1.3% and 0.8%, respectively.
Coming to corporate results, Pfizer Inc.’s (NYSE:PFE) revenues fell
short of estimates. The company’s shares slipped 1.3% after the
results. Exxon Mobil Corporation’s (NYSE:XOM) shares surged 0.5%
after the company posted quarterly results. Profits came in above
analysts’ estimates but slipped from the year-ago quarter.
The Materials Select Sector SPDR (XLB) gained 2.1% and was the
major gainer among the S&P 500 industry groups. Stocks such as
Monsanto Company (NYSE:MON), E I Du Pont De Nemours And Co
(NYSE:DD), FMC Corporation (NYSE:FMC), Dow Jones Industrial Average
(INDEXDJX:DJI) and PPG Industries, Inc. (NYSE:PPG) surged 0.9%,
1.1%, 2.2%, 2.8% and 4.0%, respectively.
AUTOMATIC DATA (ADP): Free Stock Analysis Report
DU PONT (EI) DE (DD): Free Stock Analysis Report
(DJI): ETF Research Reports
FMC CORP (FMC): Free Stock Analysis Report
MONSANTO CO-NEW (MON): Free Stock Analysis Report
PFIZER INC (PFE): Free Stock Analysis Report
PPG INDS INC (PPG): Free Stock Analysis Report
EXXON MOBIL CRP (XOM): Free Stock Analysis Report
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