S&P 500 Hits an All-Time High for the Third Day in a Row
Today's financial recap and tomorrow's financial outlook.
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.
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