How Did the Stock Market Do Today?
Dow Jones: 17,828.76; +165.22; +0.94%
S&P 500: 2,104.05; +24.69;+1.19%
Nasdaq: 5,127.15; +73.40;+1.45%
The Dow Jones Industrial Average today (Monday) added 165 points to turn positive for 2015 after optimism increased due to positive manufacturing data from around the globe. Although the U.S. manufacturing index sunk to a two-and-a-half-year low, markets were positive thanks to a report indicating manufacturing orders were on the rise. Meanwhile, the Nasdaq hit a 15-year high as healthcare stocks surged thanks to increased merger and acquisition activity. In addition, shares of Apple Inc. (Nasdaq: AAPL) added more than 1% while the iShares Nasdaq Biotechnology ETF (Nasdaq: IBB) gained more than 3.5%
The Atlanta Federal Reserve Bank released a private report on U.S. manufacturing this morning and predicts the U.S. economy will grow at 1.9% in the fourth quarter, a sluggish figure. It’s lower than previous estimates of 2.5% growth.
Top Stock Market News Today
Stock Market News: All 10 S&P sectors were in the black today, with energy stocks and healthcare stocks leading the way. Healthcare stocks received a boost after another big deal followed word of Pfizer Inc.’s (NYSE: PFE) blockbuster deal from last week to purchase Botox manufacturer Allergan Plc. (NYSE: AGN). Meanwhile, shares of Valeant Pharmaceuticals Intl. Inc. (NYSE:VRX) added more than 7% as the company attempts to bounce back from a possible accounting scandal. Don’t expect much of a bounce back for the company over the long term, however. The stock has a long way to fall.Money Morning Global Credit Strategy Michael Lewitt offers his best VRX trade right here.
Oil in Focus: Oil prices slipped on Monday as concerns about demand in China weigh down investor sentiment. December WTI oil prices fell 1.0% to hit $46.12 per barrel, while Brent crude prices dipped 1.5% to hit $48.79. The downturn in prices had little effect on multinational oil stocks. Shares of Chevron Corp. (NYSE: CVX) surged 4.5%, while Exxon Mobil Corp. (NYSE:XOM) added nearly 3%.
On Tap Tomorrow: On Tuesday, a light economic calendar features monthly motor vehicle sales, the September update on factory orders, and the October Gallup Economic Confidence Index. Companies reporting earnings on Monday include Tesla Motors Inc. (Nasdaq: TSLA), Groupon Inc. (Nasdaq: GRPN),Zynga Inc. (Nasdaq: ZNGA), Zillow Inc. (Nasdaq: Z), Activision Blizzard Inc.(Nasdaq: ATVI), Herbalife Ltd. (NYSE: HLF), Cerner Corp. (Nasdaq: CERN), and Kellogg Co. (NYSE: K).
Leave A Comment