According to Bloomberg News, the stocks traded at an all-time high as the manufacturing data, which is rather disappointing has been overshadowed by the solid corporate earnings. The treasuries dropped. The S&P 500 regained from sessions lows that are led by the retail and commodity shares. The Dow Jones Industrial Average attained the 36,000 level for the first time and a few small caps manifested a modest climb of about 2%.
As per data that has been compiled by Bloomberg, approximately more than 80% of the S&P 500 companies that have reported third-quarter results have overtaken the estimates of Wall Street. This has paved way for the groundwork for as much as 6% gain ever since the beginning of the season, the best performance over seven years.
While data has been manifesting consistent challenges in the supply chain that continued to put pressure on the manufacturers in October. The average time is taken for the supplies and materials that usually reach the factory floors in the United States took a record time in October. The officials of the Federal Reserve will meet this week as the consumers and several companies constituting the economy in the United States are facing the worst supply chain ever since the year 1973, reports Bloomberg News.
As per the strategist at Morgan Stanley, Michael Wilson, the bullish trend that is being manifested for the stocks now may continue for some time into the Thanksgiving holiday, but perhaps not beyond that. The Fed will start tapering and the growth of earnings will slow down further into the next year.
