Dow Jumps on Manufacturing Data
By Jeremy Bowman | More Articles | Save For Later
December 16, 2013 | Comments (0)
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Although we don't believe in timing the market or panicking over daily movements, we do like to keep an eye on market changes -- just in case they're material to our investing thesis.
Stocks bounced today with the Federal Reserve's two-day Open Market Committee on tap for this week, kicking off tomorrow. Productivity growth in the third quarter reached its fastest pace In four years, climbing to 3%, up from 1.9% in the first estimate, as worker output moved up 4.7%. Economic reports have been robust nearly across the board over the last two months as the country as added 200,000 jobs in each of the last two months. Riding those hopes of an economic recovery, the Dow Jones Industrial Average (DJINDICES: ^DJI ) jumped 129 points, or 0.8%, while the S&P 500 improved 0.6%.
ExxonMobil (NYSE: XOM ) led the Dow out of the gate as the oil giant got an upgrade from Goldman Sachs (NYSE: GS ) . Goldman lifted its rating on the world's biggest energy company to buy, giving it a price target of $109. Analyst Arjun Murti noted a potential increase in oil and gas production. Oil production did seem to bottom out finally in its previous quarter, as Exxon reported an increase in oil production after nine straight quarterly declines. Still, the "easy oil" in the world is getting harder to find, cars are becoming more efficient, and natural gas and renewable energy is growing much faster. Exxon finished up 2% on the day.
By Jeremy Bowman | More Articles | Save For Later
December 16, 2013 | Comments (0)
Don't let it get away!
Keep track of the stocks that matter to you.
Help yourself with the Fool's FREE and easy new watchlist service today.
Click Here Now
Although we don't believe in timing the market or panicking over daily movements, we do like to keep an eye on market changes -- just in case they're material to our investing thesis.
Stocks bounced today with the Federal Reserve's two-day Open Market Committee on tap for this week, kicking off tomorrow. Productivity growth in the third quarter reached its fastest pace In four years, climbing to 3%, up from 1.9% in the first estimate, as worker output moved up 4.7%. Economic reports have been robust nearly across the board over the last two months as the country as added 200,000 jobs in each of the last two months. Riding those hopes of an economic recovery, the Dow Jones Industrial Average (DJINDICES: ^DJI ) jumped 129 points, or 0.8%, while the S&P 500 improved 0.6%.
ExxonMobil (NYSE: XOM ) led the Dow out of the gate as the oil giant got an upgrade from Goldman Sachs (NYSE: GS ) . Goldman lifted its rating on the world's biggest energy company to buy, giving it a price target of $109. Analyst Arjun Murti noted a potential increase in oil and gas production. Oil production did seem to bottom out finally in its previous quarter, as Exxon reported an increase in oil production after nine straight quarterly declines. Still, the "easy oil" in the world is getting harder to find, cars are becoming more efficient, and natural gas and renewable energy is growing much faster. Exxon finished up 2% on the day.
