While today belongs to the bulls, who seem to be benefiting from the negative headlines, the underlying US economic news continues to be encouraging.
The latest comes from the Dallas Fed’s November Texas Manufacturing Outlook Survey, which jumped to a reading of 16.2 from 2.6 in October.
The survey indicated progress across the board.
Bear in mind that like the similarly robust Philly Fed reading from a couple of weeks ago, the Dallas Fed is based on a diffusion index, so each number represents the gap between survey respondents showing improvement and those showing worsening conditions. Any positive number is good.