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The end of day close for the stock market came with a bang as stocks surged upward right before close. The major index values all rose and all of them did so for most days this week. The Dow Jones Industrials closed in the green and finished the week at 11,444. The Nasdaq was up as well and finished the week off at 2,579. The S&P 500 moved up with the rest and settled for the week at 1,226. This week in the U.S. market came with some varied news. On Monday, positive reporting stemming from the manufacturing sector raised the trendlines earlier as did industrial data posting out of the Asian markets. Also on Monday, The Institute for Supply and Management posted a manufacturing report today stating that manufacturing expanded for the 15th straight month. The index value moved in a better than expected positive direction and bumped up over 2 points to settle at 56.9. Additionally, the Commerce Department posted data revealing that construction spending rose .5% in September. On Tuesday, the major move that prompted gains stemmed from overseas action that saw Australia and India raise key interest rates in an effort to fight inflation. The rate hikes devalued the dollar further and increased demand for stocks and precious metal commodities. The Institute for Supply Management posted a report detailing growth in the service sector on Wednesday. Additionally, payroll company, ADP posted data that revealed an increase of 43,000 jobs for private employers. The changes from the mid-term election are being viewed as positive on this day as more Republican control is viewed as business friendly. Also, the current Fed policy report revealed that the Federal Reserve will purchase $600 billion in Treasury bonds. The purchase will be phased in over time at approximately $75 billion a month. Thursday, the Labor department posted that people seeking jobless benefits increased significantly last week. According to the Labor department, claims for unemployment aid rose by 20,000 to a seasonally adjusted 457,000 level for the week ending October 30th. The related statistic of the four week average of unemployment claims rose by 2,000 to 456,000. Yesterday, the Bureau of Labor Statistics reported that the National Unemployment Rate remained at 9.6% for the third straight month. The Bureau of Labor also reported that the number of non-farm jobs rose by 151,000, but the number of people filing for unemployment remained unchanged at 14.8 million. The positive news here is that the economy did generate a net gain in jobs for the first time since May of 2010. Overall for the week, the index values saw gains. Specifically, the Dow and S&P 500 saw their biggest weekly advances in over two months. Author: Frank Matto
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