Daily Market Wrap: October 1, 2012 Monday, October 1, 4:28 PM ET
A hopeful sign for the manufacturing sector gave the markets a boost this morning, as Federal Reserve Chairman Ben Bernanke defended QE3 and pledged to keep rates low.
The Institute for Supply Management is reporting growth in the manufacturing sector for the first time in three months, as the index rose to 51.5 in September.
That reading was better than economists' expectations.
Meanwhile, the Commerce Department said that construction spending fell 0.6 percent in August, while economists were expecting a gain of 0.5 percent.
On the M&A front, 3M (NYSE:
MMM) announced it is planning to acquire Ceradyne ( CRDN) in a deal worth $670 million, excluding cash and equivalents.
Shares of Ceradyne rallied on the news today.
Tenet Healthcare (NYSE:
THC) also edged higher today after the hospital operator announced a 4-to-1 reverse stock split in an effort to speed up growth.
Tomorrow, we'll take a look at the numbers for monthly auto sales.
For Marketnewsvideo.com, I'm Sayoko Murase.
Nasdaq 100 Movers: ROST, BMRN
Related symbols: ROST, BMRN, ADSk, AAL
S&P 500 Movers: GPS, FL
Related symbols: GPS, FL, LUK, DGX
Dow Movers: CVX, DIS
Related symbols: CVX, DIS, XOM, UNH
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Related symbols: EGY, PES, CVRR, CLNE
Friday Sector Leaders: Airlines, General Contractors & Builders
Related symbols: SAVE, ALK, LEN, HOV
Thursday Sector Laggards: Agriculture & Farm Products, Music & Electronics Stores
Related symbols: LUK, SANW, BBY, RCII
Friday's ETF with Unusual Volume: EPS
Related symbols: EPS, MU, GE, DGX, GPS
Friday's ETF Movers: ITB, OIH
Related symbols: LEN, HOV, NBR, WFT, OIH, ITB
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Related symbols: RSX, UDN, MBT, YNDX
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Related symbols: BGS, DCI, OMC, FL, MAA
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Daily Market Wrap: October 1, 2012
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