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Tuesday, September 30, 2008
U.S. Sept. Chicago PMI Holds At High Level
Greg Robb
MarketWatch Pulse
WASHINGTON -- Business activity in the Chicago region expanded at a healthy pace in September, according to a survey of corporate purchasing managers released Tuesday. The Chicago purchasing managers index inched lower to 56.7 in September from 57.9 in August but stayed well above the 53.0% expected by analysts. Readings above 50 indicate overall business expansion. The Chicago PMI has rebounded after hitting a low of 40.5% in February. The Chicago PMI is considered a leading indicator to the national Institute for Supply Management manufacturers' survey to be released on Wednesday. Economists surveyed by MarketWatch expect the ISM factory index to slip to 49.6% from 49.9%.
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A specialist is a member of a stock exchange who works as an auctioneer for a specific stock and/or stocks. It can be an individual, partnership, corporation or group of firms.
The specialist works to maintain a "fair and orderly market" for respective stocks, matching up buyers and sellers by displaying the best "bid" and "ask" prices at its trading post. If buys are not equal to sells, the specialist evens the scale by buying or selling shares, accordingly. However, they cannot make their own transactions until all investor orders have been placed.
Gauging supply and demand, the specialist sets an opening price for the stocks in its domain. If a price has not been set by the time the market opens, the specialist can delay that particular stock's opening.
Specialists make money off the "spread," which is the difference between bid and ask prices on orders.
