29 May 2024

Markets Rally For Second Day On Automaker Reports

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U.S. markets rallied for a second day on Wednesday on strong U.S. auto sales figures, erasing most of last week's losses related to the Syria situation.

U.S. auto sales figures beat analyst expectations on the strongest monthly sales numbers in almost six years. The auto sales data pointed to the industry's strongest month since just before the start of the 2007-2009 recession. GM shares were up 4.7% and Ford’s stock was up 3.7% in mid-day trading Wednesday.

This follows upbeat news earlier this week of U.S. manufacturing growing at its fastest pace in more than two years.  With this news, there is some consensus that the Federal Reserve may soon slow its bond-buying stimulus program.

Investors are keeping an eye on the developments in Syria and whether there would be a Western-led military attack following reported chemical weapons attack on its civilians. A clearer picture on a U.S. military move in Syria is expected after Congress votes on measures to authorize a strike in several days, but Republican leadership voiced support for U.S. President Barack Obama's call for military strikes against the country.

Several sectors showed gains today with financials, insurers, and technology leading the S&P 500. Among the leaders mid day: Hartford Financial up almost 2%, Ciena up 13.5%, Micron Tech up 5.3%, SanDisk Corp up 2.9%, and Cisco up 1.5%.
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