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Stocks Rally After Romney Trounces Obama in Debate


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

MINYANVILLE ORIGINAL Equity futures opened the day up and continued to climb higher after the Fed released the minutes from last month's FOMC meeting. The minutes indicated that the Fed was prepared to continue to ease as necessary, and it did not see negative effects from continuing asset purchases. This further buoyed the rally with the S&P 500 finishing the day up 0.72%. Some investors pointed towards presidential candidate Mitt Romney's strong performance in his debate with President Barack Obama.

Monthly factory orders fell by 5.2%, ahead of the expected decline of 5.9%, but well below last month's rise of 2.6%. Because last week's durable goods orders fell by over 13%, a decline of this magnitude was not totally unexpected and was not met with selling pressure. Weekly initial jobless claims rose to 367,000, which was below the estimate of 370,000, but up from last week's 363,000.

The European Central Bank (ECB) released its monthly rate decision. The central bank decided to keep its benchmark interest rate unchanged at 0.75%. During the monthly press conference following the announcement, President Mario Draghi discussed how the central bank's decision to set up a framework for a plan that would allow the ECB to purchase bonds in the secondary market of eurozone countries was within its mandate. Recently, the German Bundesbank and the German government have challenged the ECB over the legality of its bond buying program, termed OMTs. Also in central bank news, the Bank of England kept its benchmark interest rate and asset purchase program unchanged.

Facebook (NASDAQ:FB) revealed in a press release this morning that the social network had passed the 1 billion monthly active users mark. Facebook will report third quarter earnings on October 23.

Tomorrow's Financial Outlook

The Bureau of Labor Statistics will report the monthly nonfarm payrolls report tomorrow morning at 8:30 a.m. ET. Economist expectations are for a rise of 115,000 payrolls, up from last month's 96,000. Private payrolls are expected to rise by 130,000, up from last month's 103,000. The unemployment rate is expected to rise from 8.1% to 8.2%. Consumer credit will be released in the afternoon with analysts expecting a rise to $7.25 billion from a decline of $3.27 billion last month.

In Europe, Germany will report monthly factory orders. In North America, Canada will report its monthly payroll figures at 8:30 a.m. ET.

On the earnings front, Constellation Brands (NYSE:STZ) will report before the open.

Twitter: @Minyanville

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No positions in stocks mentioned.

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