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Market Squeezes Higher Despite Rough Economic Data and a Rotten Apple

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

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Stocks shook off a round of lousy economic news to finish in positive territory for the eighth time in nine days.

At 8:30 a.m ET, August retail sales were reported. The headline number rose 0.2%, coming in well below the consensus of 0.5%. Excluding autos, sales were up 0.1%, missing the 0.3% gain Wall Street economists had forecast.
August PPI was also reported at 8:30 a.m. ET, rising 0.3%, just above the 0.2% consensus and up from July's flat reading. However, excluding food and energy, PPI was unchanged versus the expectations of a 0.1% rise.
We then received the September University of Michigan Consumer Sentiment Survey, which missed expectations by a wide margin at 76.8. Finally, it was reported that July business inventories were up 0.4% in July, beating forecasts.
After a short-lived dip down to 1682.22, the S&P 500 (INDEXSP:.INX) rallied to finish at 1687.99, up 0.3% on the day, despite an ugly performance by market-cap leader Apple (NASDAQ:AAPL), which continued its slide.
Some market participants believe that the stock rebound may be the result of reduced expectations for Fed tapering of QE, but it was a low-volume day without much news, so it's difficult to draw any conclusions.

On the Fed front, the Japanese newspaper Nikkei said overnight that President Obama would nominate Larry Summers as Fed Chairman, although the White House later said that the report was untrue.

Tomorrow's Financial Outlook

On Monday, we'll have some important economic numbers on tap.
At 8:30 a.m. ET, the September Empire Manufacturing Index will be reported. The consensus is for a reading of 9.0. At 9:15 a.m. ET, we will see industrial production and capacity utilization for August, with Wall Street forecasting 0.4% and 77.9% for these numbers, respectively.
There are no earnings reports on the calendar.

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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