Rampant optimism spikes the market
Index & Sector performance 10/10/13 The Market: In case you were under a rock today. The market exploded to the upside. The move seemed help by some uncertainty being out of the way including the past news that Janey Yellen would be the new Fed chair and confirmation from the FOMC minutes that tapering will not likely start until the end of the year (or later). To add on there was optimism out of Washington about a debt deal. In economic news, Unemployment claims came in far worse than expected posting a 374K when 307K was expected. The reason the…
Daily Wrap
DJIA -22.50 (-0.15%) to 15,082.62; S&P 500 -6.02 (-0.37%) to 1,626.67; NASDAQ -7.12 (-0.24%) to 2,961.12 The markets got started with another better than expected Unemployment claims number that came in at 323K, 10K below the consensus estimates and 1K lower than the previous month’s number. If I remember correctly, that previous number was the lowest print in many years and one week later was taken out. Otherwise the action was choppy and initially we rallied off the better than expected data until topping just before 10am EST and then moving lower to 10:30am. After ultimately finding a bottom the market floundered unjust before 1pm when…