S&P500 +0.23%(2,581.07); NASDAQ +1.09% (6,701.26); DJIA +0.45% (23,434.19)
This week’s reports:
- Q3 2017 GDP Growth Annualized (prelim.) was 3.0%, higher than the expected 2.6% rate. With 3.1% growth rate in Q2, these were the best back-to-back quarters since 2014. Growth was led by consumer spending, business fixed investment, trade and inventories.
- October’s Michigan Consumer Sentiment Index rose to 100.7, its highest level since the start of 2004, from September’s 95.1.
- September’s New Home Sales surged 18.9% from August’s -3.6%. Pending Home Sales were flat from August’s -2.8%.
- September’s Chicago Fed National Activity Index rose to 0.17 from August’s -0.37.
- October’s Markit Manufacturing PMI (prelim.) rose to 54.5 from September’s 53.1. Services PMI (prelim.) rose to 55.9 from September’s 55.3. Composite PMI (prelim.) rose to 55.7 from September’s 54.8.
- September’s Durable Goods Orders rose 2.2% from August’s +2.0%. Durable Goods Orders ex. Transportation rose 0.7%, the same as in August.
- Initial Jobless Claims for the week ending October 20th rose by 10K to 233K. Continuing Jobless Claims for the week ending October 13th fell by 3K to 1,893K.
- US stocks rose, with the S&P500 hitting a new high after the US saw its strongest consecutive quarters of growth in gross domestic product in three years. Technology shares surged on stellar profit at Amazon.com and Alphabet, sending the Nasdaq 100 to a record on its biggest gain since March of last year.