The stock markets were stronger today and moved upwards in unison - something we haven't seen yet this week. The Dow 30 hit new all time highs, adding 57 on the day. The S&P 500 added 2 and the Nasdaq 100 closed higher by 25. ADP reported that US private payrolls hit their highest number since February, showing continued strength in the labor market. Many investors see this positive news as a precursor to the official September non-farm payroll data that will come out on Friday, which is more of a market-moving number.
Sector News
Banks finally stopped their recent slide today, and the sector helped support the broad markets with their 1% gain. The recent selloff stemming from the Federal Reserve rate hike saw the sector pullback by about 5%. Technical traders will note the rally stopped right at the 200-day moving average.
Industrials were also a strong performer today as the sector added about 1%. Much of that move was attributed to the continued breakout of Boeing (NYSE: BA) as well as other big industrials like Caterpillar (NYSE: CAT) as trade war worries continue to subside.
Stock News
Advanced Micro Devices (NYSE: AMD) continued its pullback today as investors focused on taking profits. The stock had a sharp rally over the last few months, causing many analysts to conclude the name moved too far too fast.
Pulte Homes (NYSE: PHM) was one of the bigger losers in the homebuilding space today as interest rates spiked rather sharply on some jobs data. The home builders have suffered a rather steep decline due to rising labor costs, material costs, land costs, and the slowdown of buyers due to higher interest rates.
Wynn Resorts (NASDAQ: WYNN) and other casino names saw some bottom-picking today. Investors have seen casino operators take a beating over the past 5 months and likely thought that this was a good, discounted price to enter. MGM (NYSE: MGM) was another name that enjoyed a nice bounce today.