Manufacturing lifts stocks
NEW YORK — The stock market started November on a strong note as investors reacted to an expansion in manufacturing last month.
The improvement happened during what could have been a difficult month for the economy, with a partial government shutdown that lasted 16 days and a narrowly averted default on the federal government's debt, which could have rattled financial markets.
“With what happened in the last two months, it's amazing how strong this market has been,” said Bob Doll, chief equity strategist at Nuveen Asset Management.
The Dow Jones industrial average rose 69.80 points, or 0.5 percent, to 15,615.55. The Standard & Poor's 500 index rose 5.10 points, or 0.3 percent, to 1,761.64. The Nasdaq composite rose 2.34 points, or 0.1 percent, to 3,922.04.
Energy stocks lagged the market as Chevron reported that its third-quarter income fell 6 percent, missing analysts' estimates.
A drop in the price of oil weighed down the energy sector, too. Crude oil fell $1.77, or 1.8 percent, to $94.61 a barrel.
The positive start to this month's trading follows a strong October for the stock market. The S&P 500 closed at a record high seven times during the month, most recently on Tuesday. It ended October with a gain of 4.5 percent.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Wolf reverses Corbett, says deal between Highmark, UPMC doesn’t limit continuity of care to very ill
- Unemployment rate continues to drop as U.S. adds 295K jobs
- Big banks’ levels of capital strong, Federal Reserve finds
- IPO might test Etsy’s approach to commerce
- Americans see improved job market but a vulnerable economy, Pew poll finds
- Researchers: U.S. lacks proving ground for nuclear energy innovations
- Race toward bigger phones eases
- AbbVie to buy leukemia drugmaker Pharmacyclics for $21 billion
- Worker productivity falls faster than estimated; labor costs rise
- Stocks snap losing streak as ECB reveals stimulus start date
- Impact fees garner support from state community leaders