Saturday
October
25
2014
2:29 am
Weather

  Home
  Local News
  State / National / World
  Sports
  Opinion / Letters
  Business
  Arts / Entertainment
  Lifestyle
  Obituaries
  Calendar
  Submit Event
  Comics / Games
  Classifieds
  DJ Designers
  Archives
  Advertise With Us
  About Us
 
 
 
 

Check out our archive of Dining Guides - Yum!

Stocks start November on a positive note
November 02, 2013, 05:00 AM By Ken Sweet The Associated

NEW YORK — The stock market started November on a strong note as investors reacted to an expansion in U.S. manufacturing last month.

The improvement came during what could have been a difficult month for the U.S. economy, with a partial government shutdown that lasted 16 days and a narrowly averted default on the U.S. government’s debt, which could have rattled financial markets.

“With what happened in the last two months, it’s amazing how strong this market has been,” said Bob Doll, chief equity strategist at Nuveen Asset Management.

The Institute for Supply Management reported that its manufacturing index increased to 56.4, the highest level since April 2011. That was better than the 55.1 figure economists were expecting, according financial data provider FactSet.

The Dow Jones industrial average rose 69.80 points, or 0.5 percent, to 15,615.55. The Standard & Poor’s 500 index rose 5.10 points, or 0.3 percent, to 1,761.64. The Nasdaq composite rose 2.34 points, or 0.1 percent, to 3,922.04.

Energy stocks lagged the market after Chevron reported that its third-quarter income fell 6 percent, missing analysts’ estimates, due to weakness in the company’s oil refining business. Chevron fell $1.95, or 1.6 percent, to $118.01.

The energy sector was also weighed down by a drop in the price of oil. Crude oil fell $1.77, or 1.8 percent, to $94.61 a barrel.

The positive start to this month’s trading comes after a strong October for the stock market. The S&P 500 closed at a record high seven times during the month, most recently on Tuesday. It ended October with a gain of 4.5 percent.

However, some investors have expressed skepticism that stocks can keep up this rapid pace pace heading into the last two months of the year.

The S&P 500 is up 23 percent so far this year, while the average annual return on the S&P 500 is around 8 percent. Stocks are also starting to look expensive by some measures. Investors are paying more than $16 for every $1 of earnings in the S&P 500, the highest that ratio has been since February 2011.

“I don’t think this market is cheap by any means,” said Brad McMillan, chief investment officer for Commonwealth Financial. “We’ve been urging caution for some time now.”

In the bond market, the yield on the 10-year Treasury note rose to 2.62 percent from 2.56 percent.

On Friday morning, the Nasdaq’s options market was halted due to a technical glitch. Regular stock trading was not affected.

Among stocks making big moves:

— The Container Store more than doubled on its first day of trading on the New York Stock Exchange. The company raised $225 million in its initial public offering, pricing 12.5 million shares at $18 each. The stock soared $18.20 to $36.20.

— First Solar jumped $8.83, or 18 percent, to $59.14. The solar panel maker said it had an adjusted profit of $2.28 per share for the third quarter, blowing past analysts’ estimates of $1.13 per share, according FactSet.

 

 

Tags: percent, market, stock, stocks, month, strong,


Other stories from today:

 

 
Print this Page Print this Page  |  Bookmark and Share
<< Back
 
Return To Archives
 
  


 
 
 
Daily Journal Quick Poll
 
What is the most important issue facing the United States right now?

Ebola
Islamic State
Income gap
Russia/Ukraine
Immigration
Health care
The economy

 

 
 
 
 
 
 
Iraqi officials say IS militants used chlorine gas
BAGHDAD — Islamic State militants used chlorine gas during fighting with security forces and Shiit..
Ford profit falls in third quarter on truck costs
DEARBORN, Mich. — Ford's new aluminum-sided F-150 will be a lot lighter and more efficient when it..
Federal officials: Dallas nurse free of Ebola
WASHINGTON — The first nurse diagnosed with Ebola after treating an infected man at a Dallas hospi..
After 1st Ebola case in NYC, 3 others quarantined
NEW YORK — Officials tried to tamp down New Yorkers' fears Friday after a doctor was diagnosed wit..
More >>  
 
 
  
 
  
 
©2014 San Mateo Daily Journal
Woodside news