Investing.com - Financial Markets Worldwide

U.S. Stocks And ETFs Get A Nice Bounce

ByWall Street Sector Selector
AuthorJohn Nyaradi
Published 10/04/2012, 06:37 PM
Updated 05/14/2017, 06:45 AM
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Major U.S. stock indexes bounced higher today on better than expected jobs and factory order data.

The S&P 500 (NYSEARCA:SPY) advanced .72% to 1461, back into resistance levels and at levels comparable to December, 2007, near the onset of the financial crisis. The advance was largely triggered on what was seen as good news showing that weekly unemployment claims came in at 367,000, up from last week but better than the 370,000 estimate, and factory orders, while still declining, beat estimates, as well.

All eyes are on tomorrow’s monthly Non Farm Payrolls report for more confirmation that the US economy is, indeed, on sounder footing.

For the day, the Dow Jones Industrial Average (NYSEARCA:DIA) rose 80 points, the S&P 500 (NYSEARCA:SPY) added 0.7%, the Nasdaq 100 (NYSEARCA:QQQ) climbed 0.35% and the Russell 2000 (NYSEARCA:IWM) jumped 0.7%.

Gold (NYSEARCA:GLD) continued its recent bull market to reach $1791.80, a gain of 0.6% and oil (NYSEARCA:USO) jumped to $91.50/bbl, a gain of 3.9%.

September back to school sales looked solid and helped push the S&P 500 (NYSEARCA:SPY) to its fourth daily gain in a row.

Tomorrow at 8:30 am Eastern time come the widely watched September Non Farm Payrolls and Unemployment Reports.

Bottom line: After a short pause to consolidate, U.S. stock indexes and ETFs are poised to challenge resistance levels, and if successful, resume the recent bull market rally that now has all time highs in sight.

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