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Markets Higher Closing News 10/1/13

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US stocks traded higher as investors brushed off the government shutdown while focusing on better-than-expected ISM manufacturing data.  All major sectors finished in positive territory with Healthcare and Technology leading shares higher, while Materials and Utilities relatively underperformed.  Gold topped declines in Commodities as the metal tumbled to an eight week low.  


Today’s ISM manufacturing report, which took on special importance due to the government shutdown, showed acceleration in composite activity during September to 56.2 vs 55.7 in August.   This is the best reading since early in the recovery when comparisons against soft rates of growth made for magnified gains.


The dollar slipped to a near eight-month low against major currencies on concern the shutdown would further delay the U.S. Federal Reserve's plans to start scaling back its monetary stimulus.


Market Indices/Statistics:



  • Dow closed up 62.03 pts / +0.41% to 15,191.70; 21 of the 30 Dow stocks closed higher.

  • S&P closed up 13.45 pts / +0.80% to 1,695.00; all of the 10 S&P 500 sectors closed higher.

  • Nasdaq closed up 46.50 pts / +1.23 to 3,817.98.

  • Healthcare was the strongest sector (+1.28%), Utilities were the weakest (+0.36%).

  • The VIX is down 1.06 to 15.54

  • Gold is down 36.7 to 1,290.2

  • Oil is down 0.48 to 101.42

  • Nat Gas is up 0.048 to 3.608

  • Euro vs. Dollar is up 0.0006 to 1.3530   

  • Yen vs. Dollar is down 0.31 to 97.93 

Top Headlines:


Automakers reported September U.S. sales results on Tuesday, with the industry posting its first year-on-year sales decline in more than two years.  Ford Motor Co. (F, $17.19, +1.90%) and Chrysler topped analyst expectations, while General Motors (GM, $35.91, -0.17%), Toyota (TM, $127.32,-0.55%), Honda Motor Co. (HMC, $38.22, +0.21%) fell short of expectations. 


Shares of Walgreen Co. (WAG, $56.24), the largest U.S. drugstore operator, rose 4.54% on the NYSE after the company reported a much higher quarterly profit on Tuesday as it filled more prescriptions and enticed shoppers with special offers, as well as new and redesigned stores.  CEO Greg Wasson said in a conference call the company is seeing further improvement in same-store sales traffic for September.


Merck & Co. (MRK, $48.74) announced a plan to cut annual operating costs by $2.5 billion by the end of 2015 and eliminate 8,500 jobs.  Shares rose 2.38%, one of the biggest boosts to the S&P 500. 


Earnings After the Bell:


Global Payment (GPN) reports Q2 EPS of $1.00, vs. Est. 0.95c


Resources Connection (RECN) reports Q2 EPS of 0.09c, vs. Est. 0.12c


Synergetics USA (SURG) reports Q2 EPS of 0.06c, vs. Est. 0.05c   


Coming Wednesday


U.S. Economic Reports:


Weekly MBA Mortgage Applications at 7am, prior +7.0%


ADP Employment Report (Sept) at 08:15am, consensus +178K, prior +176K


Earnings Wednesday:   


Monsanto (MON) Est. (0.43); CalAmp (CAMP) Est. 0.16c


Here at the NYSE


At the close:


On Wednesday, Oct.  2, Jim Cramer, Host of CNBC’s “Mad Money w/ Jim Cramer” will ring the NYSE Closing Bell remotely from the “Mad Money” set at CNBC Global Headquarters in Englewood Cliffs, NJ to celebrate the show’s 2000th episode.


Please remember to check in with us every morning for the NYSE Morning Update! http://exchanges.nyx.com/parasnand-madho/nyse-morning-update-05022013


Thanks and have a great evening!


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