Dow jumped up 156, advancers over decliners better than 3-2 & NAZ added 40. The MLP index went up 1+ to 281 & the REIT index lost 1 to the 347s. Junk bond funds inched higher & Treasuries were sold, taking the yield on the 10 year Treasury up to 3.1%. Oil slid to go under 75 & gold was even at 1207 after yesterday's big rise.
AMJ (Alerian MLP Index tracking fund)
US businesses added a robust 230K jobs in Sep, a sign that strong economic growth is spurring companies to add more workers. Payroll processor ADP said that the Sep job gain was the most in 7 months. It followed 168K new jobs in Aug, a figure that was revised slightly higher. Hiring was strong across most major industries. Construction firms added 34K jobs, while professional & business services, which includes higher-paying jobs such as engineering & accounting as well as temp workers, added a strong 70K. Education & health services added 44K jobs. The ADP report comes before the gov releases jobs data for Sep. The Fri report is expected to show that employers added 183K jobs.
Survey: US companies added a healthy 230,000 jobs last month
Services sector grows at fastest pace ever in September
Stock buyers are back in force, taking the Dow up to nearly 27K. And the NAZ is back over 8K (it first went over 8K on Aug 27). Economic data continues strong & fears about Italy & trade wars have receded. The bulls can see 27K for the Dow & may be able to take it there today. That would be about a 9K rise since the presidential election, an outstanding run!!
Dow Jones Industrials
AMJ (Alerian MLP Index tracking fund)
| CL=F | Crude Oil | 74.89 | -0.34 | -0.1% |
| GC=F | Gold | 1,207.20 | +0.20 | +0.0% |
Stocks extended their
record-setting rally, as the new trade agreement reached
Mon between the US, Canada & Mexico boosted investors' sentiment & the Dow climbed to a new record. Economic
data included the ADP report on private sector
hiring. ADP reported 230K private-sector jobs were added in
Sep. But US sales figures from major automakers were mixed. Shares
of GM (GM) & Ford (F) were lower after the automakers said hurricanes both this
year & in 2017 impacted their year-over-year sales results.
Another day, another record: Dow hits all-time high, again
US businesses added a robust 230K jobs in Sep, a sign that strong economic growth is spurring companies to add more workers. Payroll processor ADP said that the Sep job gain was the most in 7 months. It followed 168K new jobs in Aug, a figure that was revised slightly higher. Hiring was strong across most major industries. Construction firms added 34K jobs, while professional & business services, which includes higher-paying jobs such as engineering & accounting as well as temp workers, added a strong 70K. Education & health services added 44K jobs. The ADP report comes before the gov releases jobs data for Sep. The Fri report is expected to show that employers added 183K jobs.
Survey: US companies added a healthy 230,000 jobs last month
Pres Trump told a group of electrical
contractors that the US is entering a “manufacturing
renaissance” & that his administration's economic policies are
translating into more jobs. “We are finally
rebuilding our country, and we are doing it with American aluminum,
American steel and with our great electrical contractors,” Trump said in
a speech at the National Electrical Contractors Association Convention. His comments come a
day after celebrating the new trilateral trade agreement called the
US-Mexico-Canada Agreement (USMCA). Trump said the trade
agreement will help America rebound from decades of mistreatment by its
trading partners around the world. “NAFTA was one of the worst trade deals ever made in any country at any time. And now we have [a] great trade deal,” he added. Trump said the US economic revival means more jobs for electrical contractors. "This
is an incredible time for our nation. We are respected again like we
have not been respected in decades," he said. "We have the best economy
in our history." The National Electrical
Contractors Association represents the $130B-a-year electrical
construction industry. In its 117-year history, the trade association
had never been addressed by a sitting pres.
Trump: US is entering 'manufacturing renaissance'
The US services sector expanded last month at its
fastest pace on record, according to the
Institute for Supply Management (ISM). The ISM non-manufacturing index rose to
61.6 last month. That is the highest level since the index was created
in 2008. The forecast called for the index to hit 58 in
Sep after the index jumped from 58.5 in Aug. "The non-manufacturing
sector has had two consecutive months of strong growth since the
'cooling off' in July. Overall, respondents remain positive about
business conditions and the current and future economy," said Anthony
Nieves, ISM chair. However, "concerns remain about
capacity, logistics and the uncertainty with global trade." The data release came
after ADP & Moody's Analytics reported better-than-expected payrolls
creation for Sep. ISM also reported earlier
this week, however, a slowdown manufacturing growth for Sep. The
ISM manufacturing index slipped last month to 59.8 from 61.3 in Aug,
which was the highest since 2004.
Services sector grows at fastest pace ever in September
Stock buyers are back in force, taking the Dow up to nearly 27K. And the NAZ is back over 8K (it first went over 8K on Aug 27). Economic data continues strong & fears about Italy & trade wars have receded. The bulls can see 27K for the Dow & may be able to take it there today. That would be about a 9K rise since the presidential election, an outstanding run!!
Dow Jones Industrials
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