MARKET OVERVIEW, RESULTS & WEEK AHEAD
We experienced another positive week overall for stocks in the US markets. The Dow was up 1.6%, the Nasdaq was up 1.5%, and the S&P 500 added 1.2%. The markets were boosted by better than expected reports from manufacturing, services sectors, auto sales, inventories & the continued expectation that we may get significant tax reform, which is believed to further buoy spending & investing in the private sector. However, on Friday we received the jobs report for September that showed that we lost 33,000 jobs and the Dow at least paused and finished slightly down. We believe that jobs were off primarily because of Hurricanes Irma and Harvey as workers were unable to report to work while realizing the overall/aforementioned trends remain positive. The unemployment rate is now 4.2% which is a 16-year low. Wages also grew by 2.9% in September. When you marry all of this with a continued low-interest-rate environment that further supports lending, continues to enable extended stock buyback programs & real estate investment; I believe there is a strong case to remain bullish about the overall market.