After a rough week, U.S. markets are surging.
The Dow is up 165 points, the S&P 500 is up 14 points, and the Nasdaq is up 30 points.
Earlier today, we learned industrial production jumped 1.1% in November, smashing expectations for a 0.6% gain. October numbers were also revised higher.
“Alongside an upward revision to October (now 0.5%, previously 0.3%), manufacturing output looks set to register its strongest quarter since the beginning of 2012, with growth tracking an annualized 5.6% q/q in Q4, based on October and November, up from 1.4% in Q3,” noted Barclays’ Peter Newland.
“Some of the rise was due to a 1.7% m/m gain in mining output, which won’t be repeated as it was a result of oil and gas rigs in the Gulf of Mexico reopening after tropical storm Karen,” said Capital Economics Paul Dales. “The surge in utilities output, of 3.4% m/m in November, will probably continue into this month as the fall in temperature further below seasonal norms boosts heating demand.”
All eyes are on the Federal Reserve this week as it holds its two-day FOMC meeting to discuss the path of monetary policy. For now, economists expect the Fed to announce no change in its near-zero interest rate target or its $US85 billion quantitative easing program.
Here’s the intraday Dow futures action via FinViz:
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