Stocks rallied a bit on news of the new trade deal with Mexico and Canada (USMCA), but not everything participated. Small Caps and Nasdaq both were laggards despite the bullish tint to the proceedings. After a very good 3rd quarter for the bulls, things are starting well again as we enter Q4.
By the close, the Dow Jones Industrial Average was up 192 points to finish the day at 26,651. The S&P 500 was up 10 points to close at 2,924. Gold was down $2 to trade at $1,193 per ounce, while oil was up $2.29 to trade at $75.54 per barrel WTI.
We are a couple of weeks away from earnings season, but we do have a busy calendar of economic data to chew on this week. After today’s solid manufacturing data, service sector data on Wednesday along with the ADP private payroll number. Then on Friday we have the all-important non-farm payroll number. As we enter the week the consensus is that about 180,000 new jobs were created in September. It will be interesting to see if the bulls can continue to frustrate the bears, who have to feel like they can’t buy a break right now.
Have a nice evening everyone.