New Ebola scare helps market off highs
The Market:
The market was cruising along today until roughly 2pm ET when the market turned and then started quickly losing ground. Traders pointed to news that a doctor who had treated Ebola patients was rushed to the hospital in New York City. The sell off was not enough to give back all the days gains but we closed well off the intraday highs.
Many sectors from the WSC Scoreboard participated in the rally with the biggest gainer the Industrials (XLI) finishing up over 2% helped greatly by Union Pacific Corporation (UNP) and 3M (MMM) which closed up 5.03% and 4.39% respectively both on better than expected earnings reports. Lagging in today’s session was Materials (XLB) followed by Consumer Staples (XLP).
Unemployment claims and Flash Manufacturing PMI missed expectations while the Home Price Index came in better than expected. On deck for tomorrow is New Home Sales to finish out this low data week. Don’t worry, next week will not be as light.
Reporting EPS 10/24/14 Pre-Market: