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The markets opened lower with the Dow falling by as much as 109 points. And then they came back.
First, the scoreboard:
- Dow: 15,618.2, -20.9, -0.1%
- S&P 500: 1,762.9, -4.9, -0.2%
- NASDAQ: 3,939.8, +3.2, +0.0%
And now the top stories:
- The ISM services index unexpectedly climbed to 55.4 in October from 54.4 in September. Economists were looking for a decline amid the government shutdown. “After this print, the headline index stands just above its six-month average of 55.2; this suggests that service sector activity growth has held up well in recent months despite slowing payroll growth over that same time,” said Barclays Cooper Howes. “Along with the above-consensus reading in the manufacturing ISM last week, this report suggests that the US economy held up relatively well throughout the government shutdown in October.”
- According to CoreLogic, home prices climbed by 0.2% month-over-month in September. Capital Economics’ Ed Stansfield noted that prices normally fall in September. “The data raise some questions around the building consensus that the pace of house price growth is likely to moderate over the next few quarters,” said wrote Stansfield. “After all, in annual terms, house price inflation still seems to be accelerating — the headline measure rose from 11.6% in August to 12% in September.”
- Goldman Sachs’ Jan Hatzius believes that the Federal Reserve will lower its unemployment rate threshold from 6.5% to 6.0%. This is one of the two thresholds that the Fed is using to guide monetary policy.
- Electric car maker Tesla announces quarterly earnings after the closing bell. Follow the release live at BusinessInsider.com.
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