STOCKS GO NOWHERE: Here's What You Need To Know
REUTERS/Jim Young
Participants take part in an attempt to set a new Guinness World Record for the largest pillow fight, in Chicago, October 27, 2013.
The stock market sits near all-time highs.
First, the scoreboard:
Dow: 15,568.9 , -1.3, -0.0 %
S&P 500: 1,762.1, +2.3 +0.1%
NASDAQ: 3,940.1, -3.2, -0.0%
And now the top stories:
People can't seem to get enough of this impressive market. StockTwits noted that the S&P 500 hasn't seen a single day this year when it was negative year-to-date, something that has only happened two times since 1960. CNBC's Carl Quintanilla noted that the S&P is within days of closing positively in both September and October, something that has only happened four times in the past 30 years.
Some market experts remain bullish like Wharton's Jeremy Siegel. Siegel told CNBC today that the Dow has room to climb another 6% today and 10% in 2014. Some experts are pulling in their reigns like Nuveen's Bob Doll. "We believe the risk-reward tradeoff has become more neutral," said Doll in his Weekly Investment Commentary.
Industrial production climbed by 0.6% in September, which was stronger than the unchanged reading economists were expecting. Capacity utilization rose to 78.3%, the highest level since July 2008. "Of course, October’s data are likely to be weak as producers will have received few orders from Federal government agencies," said Capital Economics' Paul Dales. "But beyond that, we expect a steady, albeit unspectacular, improvement in industrial production."
However, the Dallas Fed's October Manufacturing Activity survey disappointed, with its main index plunging to 3.6 in October from 12.8 in September.
Pending home sales plunged 5.6% in September, which was much worse than the unchanged level expected by economists. "Declining housing affordability conditions are likely responsible for the bulk of reduced contract activity,” said the NAR's Lawrence Yun. “In addition, government and contract workers were on the sidelines with growing insecurity over lawmakers’ inability to agree on a budget. A broader hit on consumer confidence from general uncertainty also curbs major expenditures such as home purchases.”
Apple and Herballife announce quarterly earnings after the closing bell. Follow the releases live at BusinessInsider.com.
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