Stocks Jump Again, Banks Lead the Way
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The Dow posted a second straight day of triple digits gains, helped by more positive economic data and bullish sentiment about bank stocks.
The Dow rose 107 points to 11,362, the Nasdaq rose 30 and the S&P 500 rose 15.
Encouraging data today showed a record 10.4% increase in the pending home sales index, from 80.9 in September to 89.3 in October. The number is a 180-degree turn from a 1.8% drop in the index for September.
In addition to positive pending home sales data, Goldman Sachs issued a bullish note on financial stocks today. The firms US Portfolio Strategy team has upgraded financials to overweight, the first time it has been positive on the sector since 2008, citing a stronger economic recovery.
Yesterday, strong private sector jobs data from ADP and solid ISM Manufacturing report helped drive gains.
The Dow rose 107 points to 11,362, the Nasdaq rose 30 and the S&P 500 rose 15.
Encouraging data today showed a record 10.4% increase in the pending home sales index, from 80.9 in September to 89.3 in October. The number is a 180-degree turn from a 1.8% drop in the index for September.
In addition to positive pending home sales data, Goldman Sachs issued a bullish note on financial stocks today. The firms US Portfolio Strategy team has upgraded financials to overweight, the first time it has been positive on the sector since 2008, citing a stronger economic recovery.
Yesterday, strong private sector jobs data from ADP and solid ISM Manufacturing report helped drive gains.
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