Beige Book Report Strong, Stocks Rise

by: David Jackson

Excerpt from our Wall Street Breakfast, a one-page summary of this morning's key market-moving and stock-moving stories:

Dow Zooms Past 11900 and Pressures Exist Amid Expansion, Fed Survey Says [Wall St. Journal]

Summary: Stocks rose yesterday in response to the Fed's "beige book" report on economic activity and strong earnings reports from Costco Wholesale, Yum Brands and McDonald's. The DJIA rose 0.8%, the Nasdaq Composite 1.6% and the S&P 500 0.95%. Beige book details: Four of 12 Fed districts said business activity "firmed", 2 said it "cooled" and the rest said growth was "moderate or mixed"; sharply slowing housing activity and weak auto sales; labor shortages spreading to unskilled workers, but still little upward pressure on wages.
Related links: Fed's Beige Book ReportBloomberg coverage
Potentially impacted broad market ETFs: S&P 500 SPDRs (NYSEARCA:SPY), iShares S&P 500 ETF (NYSEARCA:IVV), DJIA ETF (NYSEARCA:DIA), Nasdaq 100 ETF (QQQQ).

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