Everton goalkeeper Tim Howard shields his eyes from the sun during their English Premier League soccer match against Tottenham Hotspur at Goodison Park in Liverpool, northern England, November 3, 2013.
It was another relatively quiet day in the markets.
First, the scoreboard:
- Dow: 15,639.1 , +23.5, +0.1 %
- S&P 500: 1,767.9, +6.2, +0.3%
- NASDAQ: 3,936.5, +14.5, +0.3%
And now the top stories:
- The Census published two sets of factory orders stats because the first set was delayed due to the government shutdown. August orders unexpectedly fell by 0.1%, which was below the 0.3% gain expected. Off of that base, September orders climbed by 1.7%, which was weaker than the 1.8% expected. So, this was a weak report.
- Despite what would be considered bad news, stocks rallied again today. This was actually a market theme in October as companies announced their earnings. "The Q4 bottom-up EPS estimate (which is an aggregation of the estimates for all 500 companies in the index) dropped 1.5% (to $28.46 from $28.90) during the month," said FactSet's John Butters. ""At the same time, the value of the S&P 500 increased 4.5% (to 1756.54 from 1681.55) during October, and it closed at a record high on October 29 (1771.95)."
- Speaking of earnings season, Goldman Sachs' David Kostin noted that much of the sales growth reported in Q3 came from acquisitions. "Year/year revenue growth equaled just 1% in first-half 2013 but surged to 5% in 3Q," said Kostin. "Notably, just 20 companies accounted for 25% of aggregate sales but 50% of growth. 18 of the 20 firms completed acquisitions during the past year. The 20 stocks boosted 3Q sales by 13% versus just 2% for other firms."
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