Stocks were poised to open higher after an encouraging report about the overall economy. Today is the last trading day of the quarter. Since bottoming at a 12-year low on March 9th, the S&P 500 has gained just shy of 57% the Dow has gained around 49%, and the Nasdaq gained nearly 68%, as of Tuesday’s close.
The broadest measure of the nations’ economy declined in the April to June period, but not as much as previously reported. The government said that the gross domestic product shrank at a 0.7% annual rate, down from the 1% rate reported last month. Separately, ADP’s report on private sector payrolls showed that 254,000 private sector jobs were lost in September, more than the consensus estimate but down from the previous month. At 9:45 am ET, the market will get the latest Chicago Purchasing Managers Index, forecast to come in at 52.2 for September, signaling growth in the manufacturing sector in the Chicago area. Last month, the figure was 50, the dividing line between signaling growth or contraction.
- Harrington Wealth Management
- Our firm provides comprehensive trust and investment management services by employing a customized asset allocation approach. By focusing on the individuality of each client, Harrington Wealth Management Company has helped high net worth individuals, families, and small institutions grow and sustain their wealth through proven investment practices since 1994. A fee-only advisor, we also offer other financial services from our offices in California, Kansas and Indiana that include custody, estates, land trusts, probate administration, guardianships, personal trust administration, retirement plan services, and investment consulting services.
