Saturday, 23 November 2019

Markets rise, stocks “only game in town”

Markets rose on Friday.

The S&P 500 rose 0.2 percent, the STOXX Europe 600 rose 0.4 percent and the Nikkei 225 rose 0.3 percent.

“The rally is intact and with this will go into 2020,” predicted Nick Giacoumakis, president and founder of New England Investment & Retirement Group.

“We think stocks are really rallying because they are the only game in town now that Fed messaging and rate cuts have crushed Treasury bond yields,” said MUFG economist Chris Rupkey.

Economic data on Friday were mixed.

IHS Market reported that its flash US manufacturing purchasing managers index rose to 52.2 in November from 51.3 in October while its US services purchasing managers index rose to 51.6 from 50.6.

However, IHS Markit's eurozone composite purchasing managers index fell to 50.3 in November from 50.6 in October.

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