U.S stocks started the month with solid gains following positive data reports on the labor department. According to NextCandle.com's stock forecast, U.S indices should keep it up on Friday as well: the Dow was given a 68% probability of hitting a higher target, rising from 13232.62 to 13273.71; the S&P 500 was also given a 67% probability of hitting a higher target, edging up from 1427.59 to 1428.35. Finally, Nasdaq was given a 73% probability of hitting a higher target, inching up from 3020.06 to 3021.94.
Stocks rally as the market continues its recovery after a two-day shutdown
U.S. stocks started the month with a solid rally on Friday, following mostly upbeat jobs reports. All three major indices surged over 1%, as the stock exchange is on its road to recovery after two days of shutdown due to Hurricane Sandy.
Investors welcomed a slew of corporate results and encouraging economic data, namely Challenger Job Cuts, ADP Employment Change and Initial Jobless claims. These reports set the scene for the U.S Labor Department's jobs reports, due to be released before markets open on Friday. However, even though these jobs reports came in stronger than expected, it doesn't necessarily mean that October's jobs report will also exceed estimates.
Meanwhile, the U.S. Manufacturing PMI indicated that although the numbers fell slightly short of estimates, manufacturing activity continued to grow in October. Moreover, the Conference Board's consumer confidence index reached its highest level since February 2008. According to the U.S Census Bureau, September's Construction Spending increased, but slightly less than expected.
Global stocks end Thursday's session with strong gains
On Thursday, U.S indices rallied practically and finished the day's session with solid gains: the S&P 500 ascended 1.09%, rising from 1412.16 to 1427.59; the Dow Jones Industrial Average gained 1.04% from 13096.46 to 13232.62. Finally, Nasdaq also surged 1.44%, reaching above the 3000 threshold, from 2977.23 to 3020.06.
European stocks posted solid gains on Thursday: Germany's DAX rose 1.03%, France's CAC 40 climbed 1.35%, and finally Britain's FTSE 100 surged 1.37%. Across the Pacific, Asian stocks also finished with gains: the Shanghai Composite gained 1.72%, Hong Kong's Hang Seng gained 0.83%, and Japan's Nikkei rose 0.21%.
Stocks rally as the market continues its recovery after a two-day shutdown
U.S. stocks started the month with a solid rally on Friday, following mostly upbeat jobs reports. All three major indices surged over 1%, as the stock exchange is on its road to recovery after two days of shutdown due to Hurricane Sandy.
Investors welcomed a slew of corporate results and encouraging economic data, namely Challenger Job Cuts, ADP Employment Change and Initial Jobless claims. These reports set the scene for the U.S Labor Department's jobs reports, due to be released before markets open on Friday. However, even though these jobs reports came in stronger than expected, it doesn't necessarily mean that October's jobs report will also exceed estimates.
Meanwhile, the U.S. Manufacturing PMI indicated that although the numbers fell slightly short of estimates, manufacturing activity continued to grow in October. Moreover, the Conference Board's consumer confidence index reached its highest level since February 2008. According to the U.S Census Bureau, September's Construction Spending increased, but slightly less than expected.
Global stocks end Thursday's session with strong gains
On Thursday, U.S indices rallied practically and finished the day's session with solid gains: the S&P 500 ascended 1.09%, rising from 1412.16 to 1427.59; the Dow Jones Industrial Average gained 1.04% from 13096.46 to 13232.62. Finally, Nasdaq also surged 1.44%, reaching above the 3000 threshold, from 2977.23 to 3020.06.
European stocks posted solid gains on Thursday: Germany's DAX rose 1.03%, France's CAC 40 climbed 1.35%, and finally Britain's FTSE 100 surged 1.37%. Across the Pacific, Asian stocks also finished with gains: the Shanghai Composite gained 1.72%, Hong Kong's Hang Seng gained 0.83%, and Japan's Nikkei rose 0.21%.
