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Wall Street Strategies has been providing independent stock market research since 1991 to individual, retail and institutional clients through a balanced approach to investing and trading. Charles Payne, our founder and chief analyst, is routinely sought after for his stock market, political,... More
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  • STOCK TICKING HIGHER - STOCK TICKING HIGHER 0 comments
    Nov 11, 2013 2:21 PM

    Carlos Guillen

    Equity markets are continuing to make a move to the upside after making a snap back on Friday that was surprisingly driven by a rather mixed government jobs report, leading the Dow Jones Industrial Average to a new record closing level. Today, stock investors are feeling a bit confident as news from China over the weekend suggested that the world's second largest economy may be doing better than many think.

    Clearly here at home the risk of Fed tapering is building up, but this has not taken stocks lower, in part as optimism over stronger than expected economic growth in China may help lift all ships. According to the National Bureau of Statistics, Chinese industrial production during October rose 10.3 percent, beating the average economist forecast of 10.0 percent and coming in higher than the 10.2 percent rate achieved in September. It is apparent that the drivers of growth are coming from both internal and external demand in China. This stronger than expected industrial production data may be indicative that gross domestic product growth may reach near the 8 percent mark this year.

    The market's up tick today over the stronger than expected Chinese data is, however, being partly offset by worries that the U.S. Federal Reserve could begin to taper its asset purchases sooner than previously expected, driven by a perceived strong nonfarm-payrolls report on Friday. As we saw last Friday, nonfarm job additions were 204,000, beating expectations of a 100,000 increase.

    Overall, today is a rather slow trading session as most financial institutions observe the Veterans' Day holiday; this could lead to some volatility as the session progresses.

    https://www.wstreet.com/user/register.asp?source=3

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