STOCK MARKET UPDATE
Updated following each market day
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The popular averages returned nicely to the upside on Thursday. Jobless claims rose last week but from a low level. The October flash purchasing managers index showed growth but at a slower pace. EU manufacturing is up but future expectations are not high. Third quarter earnings reports keep rolling in. Investors reacted well to reports from Caterpillar (CAT +5.0%) and 3M (MMM +4.4%). They frowned at reports from General Motors (GM -
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The recent high volatility and trading volume may have heads spinning. Those who become especially dizzy often get flushed out at market lows during Octobers. This may have caused a great many Baby Boomers and their elders fearful for their retirement nest eggs to now be sitting in fixed income investments that pay next to nothing. Those who sold stocks recently may have done so near another typical October market floor. Now they are sitting on a horde of cash that could fuel the usual extended rally during the cooler half of the year. Normally there must be an emotional component to set up a meaningful bottom. Fear of the spread of Ebola might have been that scare factor. That particular concern may be abating as investors now review the parade of corporate earnings reports.
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