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Whipsaws

Daily Recap

Same old same old today, though lately that's not such a bad thing.  Key US stock indices again made new all-time highs for the 5th or 6th day in a row - yawn - as complacency is practically thick enough to choke on and optimism abounds.  Good data on auto sales and the September ISM manufacturing survey joined continuing hopes for tax cut legislation to buttress high stock valuations.  Speaking of which, Warren Buffett today said that in light of low interest rate levels, current stock prices make sense (apparently despite the ratio of total stock values to GDP). 

 

Higher prices in Asia set the day's tone; the Asia Dow gained 0.58%.  In Europe, green was again the hip color, and the STOXX 600 added another 0.15%.  Non-US American exchanges were all higher, led by Brazil's Bovespa index, up nearly 3%. 

 

In the US, the Dow Industrials finished up 84 ... Log in or subscribe to continue reading.


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