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S&P 500 Hits an All-Time High for the Third Day in a Row

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Today's financial recap and tomorrow's financial outlook.

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Economic data leaned toward the weak side today. The November Empire Manufacturing report was weaker than expected at -2.2, which was well under the +5.00 reading expected. The October import price index fell 2.0%, which was below the -1.6% reading expected by Wall Street.

October Industrial Production was also weak at -0.1%, which missed the +0.2% consensus, while Capacity Utilization was 78.1%, a hair under expectations of 78.3%.

Overseas, we saw Hong Kong's third-quarter GDP come in at 2.9%, which was below expectations of 3.2%, while Malaysia's surprised to the upside.

On the domestic-stock front, shares of recent IPO Twitter (NYSE:TWTR) slid as options on the stock started trading for the first time. The weakness in Twitter weighted on the publicly traded investment company GSV Capital (NASDAQ:GSVC), which counts Twitter as by far its largest position at 17% of its portfolio.

Nonetheless, while Twitter sold off, plenty of other high-beta momentum stocks like Amazon.com (NASDAQ:AMZN) and Netflix (NASDAQ:NFLX) finished in the green. In fact, one of the key momentum instruments of the current day, the Global X Social Media ETF (NASDAQ:SOCL) was up nearly 2%.

Elsewhere in the equity markets, we saw outperformance in energy and materials stocks, though all S&P 500 (INDEXSP:.INX) sectors finished in the green as the market continued cheering on the likely continuation of QE under Janet Yellen. The broad-based strength paved the way for a new all-time S&P high at 1798.22 in late trading -- the third such record in as many days.

On the political front, House Republicans passed the "Keep Your Health Plan Act" with a 261-157 vote. The bill would allow insurance companies to sell plans that do not comply with President Obama's Affordable Care Act, a.k.a Obamacare. The news boosted health-care stocks.

Commodities and bonds were mostly flat today.

Tomorrow's Financial Outlook

At 9:00 a.m. EST Monday, September Net Long-Term TIC Flows will be reported. At 10:00 a.m. the NAHB Housing Market Index for November comes out. The consensus stands at 56.0.

There are a few big names reporting earnings on Monday, namely Tyson Foods (NYSE:TSN) before the open, and Salesforce.com (NYSE:CRM) and Jacobs Engineering (NYSE:JEC) after the close.

Twitter: @Minyanville

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No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

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