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The Market Wrap for October 13: Era of Endless Uptrend

Asif Imtiaz Oct 13, 2017


Columbus Day kept markets trading sideways early in the week, but the improving labor market situation finally pushed the Dow closer to the 23,000 level as the week progressed.

The lack of major economic data provided investors with ample time to keenly analyze the Federal Open Market Committee’s (FOMC) meeting minutes from September, where, as expected, policymakers were still concerned about a lack of inflationary pressure in the economy. Therefore, investors will pay extra attention to Friday’s consumer price index this week. Markets also welcomed the commentary from the Fed that the recent natural disasters are “unlikely to materially alter” the overall economic trend in the medium term.

The majority of Q3 earnings continued to beat estimates amid favorable economic conditions this week, and analysts were optimistic that despite trading near all-time highs, stock indices could go much higher in coming months.

In the end, President Trump’s remarks about getting Chinese support in dealing with the North Korea situation helped retain the bullish momentum.

Be sure to check out our previous week’s edition here, wherein positive manufacturing data helped lift market sentiments.

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