Stocks Kick-Off November on a Strong Note
Stocks began the month of November on a strong note, with all three major indexes finishing the day sharply higher as investors cheered some robust U.S. economic data.
The Dow Jones ended the day 1.04% higher at 13,232.62, the S&P 500 was trading 1.09% higher at 1,427.59, and the Nasdaq ended the day 1.44% higher at 3,020.06.
Consumer Cyclical sector led the gains in the S&P 500 in trading today, ending the day 2.04% higher. Industrials ended the day 1.76% higher, while Conglomerates ended the day 1.55% higher. Technology sector also rallied today, ending the day 1.77% higher. Basic Materials sector rose 1.13%, while Energy sector rose 1.01%. Financials ended the day 1.32% higher. Utilities were the worst performers in the S&P 500 today, ending the day 0.34% lower.
Among the major gainers in trading today were Sourcefire Inc. (NASDAQ: FIRE), which ended the day 13.30% higher at $48.48, Microsoft Corp. (NASDAQ: MSFT), which ended the day 3.42% higher at $29.51, Jda Software Group Inc. (NASDAQ: JDAS), which ended the day 17.33% higher at $44.76, Prestige Brands Holdings Inc. (NYSE: PBH), which ended the day 18.46% higher at $20.60, and Advance Auto Parts Inc. (NYSE: AAP), which ended the day 14.18% higher at $81.
Among the major losers in trading today were Pfizer Inc. (NYSE: PFE), which ended the day 1.29% lower at $24.55, and Wal-Mart Stores Inc. (NYSE:WMT), which ended the day 2.09% lower at $73.45.
On the economic front, investors got some positive data from the labor market earlier today. A report from ADP showed that the private sector added 158,000 jobs in October, while initial a Labor Department report showed that initial jobless claims fell to a seasonally adjusted 363,000 last week. Investors are now focused on the all-important nonfarm payrolls data, which is scheduled to be released tomorrow.
In other economic data, the Institute of Supply Management’s index of manufacturing activity in the U.S. climbed to 51.7 in the month of October. A report from the Commerce Department, meanwhile, showed that construction spending rose in September. Finally, the Conference Board’s consumer confidence index climbed to the highest level in more than four years in October.
Markets in Europe also gained in trading today, with the EURO STOXX 50 Index closing 1.21% higher. Asian markets ended mostly higher overnight, with the Nikkei 225 Index in Japan closing 0.21% higher, and the Hang Seng Index in Hong Kong closing 0.83% higher.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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