S&P Looks to Snap Two-Day Dip

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Published November 01, 2013

| FOXBusiness

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The broad S&P 500 looked to snap a two-day slump on Friday in light trading. 

Today's Markets

As of 3:18 p.m. ET, the Dow Jones Industrial Average climbed 61 points, or 0.39%, to 15606, the S&P 500 advanced 3.9 points, or 0.22%, to 1760 and the Nasdaq Composite slumped 1.4 points, or 0.04%, to 3918.

The S&P has receded from record highs in recent days as traders have grown more concerned about the prospects of the Federal Reserve tapering its giant asset purchasing program in December. Some analysts were looking to March as the beginning of the end of QE3. 

Data from the Institute for Supply Management at 10:00 a.m. ET could shed more light on the economic picture. Economists expect the ISM PMI gauge to fall to 55 in October from 56.2 in September. Readings above 50 suggest the manufacturing sector is expanding, while those below signal it is contracting. 

A regional report on the Midwestern manufacturing sector Thursday blew past expectations. 

On the corporate front, JP Morgan Chase (JPM) revealed in a regulatory filing the U.S. Justice Department and agencies from other jurisdictions are probing its hiring practices in Hong Kong. 

Ford (F) and Chrysler both posted double-digit increases in October U.S. sales. However, the gains were shy of expectations. 

Chevron (CVX) posted third-quarter profits of $2.57 a share on sales of $57 billion, missing expectations of $2.71 a share on revenues of $58.4 billion. Shares of the blue-chip energy giant were little changed.

In commodities, U.S. crude oil futures fell 55 cents, or 0.57%, to $95.82 a barrel. Wholesale New York Harbor gasoline dipped 0.54% to $2.573 a gallon. Gold fell $11.50, or 0.87%, to $1,312 a troy ounce. 

Foreign Markets

The Euro Stoxx 50 fell 0.23% to 3061, the English FTSE 100 rose 0.03% to 6733 and the German DAX slipped 0.2% to 9016.

In Asia, the Japanese Nikkei 225 slid 0.88% to 14202 and the Chinese Hang Seng edged up by 0.19% to 23250.

URL

http://www.foxbusiness.com/markets/2013/11/01/wall-street-rises-ahead-manufacturing-data/