The Dow Jones Industrial Average
Promising data came out this morning from both payroll processor ADP and the Institute for Supply Management. ADP reported that the private sector added 162,000 jobs in September, well ahead of estimates of 133,000, and the ISM services index hit its highest mark since March at 55.1, also topping expectations. While the ADP report bodes well for the Department of Labor's all-important employment report on Friday, it's important to remember that the two often differ widely. Economists are still expecting September nonfarm private payrolls to grow by 130,000 when the DOL reports.
Tempering the bullish domestic news was an update from China that its services PMI fell to its lowest level since November 2010, evidence that weakness in its manufacturing sector has spread to the service industry. A similar PMI report in the eurozone indicated a further contraction there as well, and oil prices dipped more than 4% on the negative international data.
Back to the Dow, Hewlett-Packard
Still, 21 of the 30 Dow components moved higher, with Home Depot
Keep an eye tonight's presidential debate, which could weigh on markets at tomorrow's open. The economy will be the central topic in this first of three such meetings between the candidates.
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