U.S. stocks get ISM lift, though Bernanke ‘tak
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U.S. stocks get ISM lift, though Bernanke ‘taketh away’
ISM data upbeat and Bernanke talks ‘QE3’; Nasdaq Composite falls
SAN FRANCISCO (MarketWatch) — U.S. stocks finished mostly higher Monday, after data showing activity in the U.S. manufacturing sector rose to its highest level in four months, but closed off session highs as traders reacted to Federal Reserve Chairman Ben Bernanke’s comments on monetary policy.
The Nasdaq Composite fell for a second-straight session as most technology stocks gave up early gains.
“I don’t see a lot of conviction or breadth” in U.S. equities trading, said Matthew Tuttle, chief investment officer at Tuttle Wealth Management LLC. “I would be a little concerned about [Tuesday] barring any new good news out of somewhere before we open.”
The Dow Jones Industrial Average (DJI
JIA) closed up 77.98 points, or 0.6%, at 13,515.11, with all but four of the index’s 30 components finishing higher. It added to gains immediately after the ISM data, rising as much 161 points, but the blue-chip benchmark gave up much of that rise following a speech by Bernanke in Indianapolis, after which he took audience questions.
http://www.marketwatch.com/story/us-stocks-ra...2012-10-01
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