While the market attempted to put an end to a of four loss streak, United States stocks crept up early Monday morning.
31 Oct 2016 – Investors
The Nasdaq and the S&P 500 each added 0.1%. The blue chip Dow Jones industrial average and the small cap Russell 2000 were flat. Volume in the stock market today was running below average on both major exchanges. Volume was above average Thursday and Friday on the Nasdaq. The above-average volume coincided with the Nasdaq’s moves below its 50-day moving average line, not a good sign.
Chevron bounced 1.4% higher early Monday, adding to Friday’s 4% pop on an 84% earnings beat for the third quarter. Chevron rose despite a 1.5% drop in the price of West Texas intermediate crude oil.
Banks continued to show strength. Morgan Stanley, Wells Fargo and Goldman Sachs all were up in early action.
In economic news, consumer spending for September matched expectations with a 0.5% increase. But personal income grew at 0.3%, falling shy of views for 0.4%, according to Econoday.
The Chicago Purchasing Managers Index for October checked in at 50.6 — a bad miss for the business barometer, which failed to match even the lowest estimate in the range. The Street expected 54.3, and the lowest estimate in the range was 53.1. The 50.6 reading was a five-month low for the manufacturing gauge.