The stock market has yet to top.
First, the scoreboard:
- Dow: 15,821.6, +70.9, +0.4%
- S&P 500: 1,782.0, +14.3, +0.8%
- NASDAQ: 3,965.5, +45.6, +1.1%
And now the top stories:
- A little before 2:00 p.m. ET today, the S&P 500 broke through its all-time intraday high. It closed right near the highest levels of the day. It was a new all-time high for the Dow as well.
- There wasn’t a whole lot of major market-moving news today. Mortgage applications fell 1.8% during the week ending Nov. 9. It fell 2.8% the week prior.
- The U.S. government posted a budget deficit of $US91.6 billion in October, which was narrower than the $US102 billion expected by economists. Revenue jumped 7.9% as spending fell 4.5%. “The exact impact of the October government shutdown will be difficult to discern until more data, including detailed expenditure information, are available, but at this time the report looks to be consistent with the theme of a steadily narrowing budget deficit,” said Barclays’ Cooper Howes.
- The main event of the week will occur on Thursday when Federal Reserve Vice Chair Janet Yellen begins her confirmation process and testifies before the Senate Banking Committee. “For the markets, the focus will be on any signal that Yellen will lean toward an early tapering of Fed easing,” said Wells Fargo’s John Silvia. “What are her benchmarks for policy action? How about altering the unemployment rate target as reflected in the IMF papers cited this week in the press?”
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