Dow Industrials (NYSE:DIA) component Caterpillar (NYSE:CAT) announced the best sales quarter in history with a 44% jump in Q3 profit along with order backlogs at all time highs according to a company report. Cat (NYSE:CAT) stock rose more than 4% in early trading.
The Federal Reserve Bank of Chicago rose to -0.22 in September which is up from -0.59 in August, indicating improvement in economic growth in the U.S, although “below historical trend.”
China HSBC Manufacturing PMI for October remained in positive territory at 51.1 versus a previously reported 49.9 and so continues to manage the widely discussed potential for a “hard landing” in the dragon’s economy.
FedEx (NYSE:FDX) a leading member of the transportation sector and S&P 500 (NYSE:SPY) component reported plans to hire 20,000 seasonal employees for the holiday season due to an expected 10-12% increase in shipping volume.
So the news this morning is largely good, however, all eyes watch Europe and wait for Wednesday with hopes that the Euro Zone won’t disappoint in their efforts to resolve the ongoing Greek crisis. Technical indicators and fundamentals point to higher prices, however, everything depends on Europe.
John Nyaradi is the author of The ETF Investing Premium Newsletter.