I’m back! The trip to the DC, Baltimore and the Boston area was good. My favorite part was 1) visiting the Library of Congress and 2) dancing at the Wawa! Meetings at T. Rowe Price and BTS were very informative. These two firms are well run and do a great job for investors.
Markets continue to trade higher setting records along the way. Healthcare stocks were the pace setters today as tech was weak while financials did ok. At the close the Dow was up 152 points to close at 22,557. Trading volume was higher and IBD has equity indexes solidly in rally mode as Q3 earnings reports will begin hitting the news wires in the coming week.
The latest economic news from Brian Wesbury at First Trust highlights a manufacturing sector that is booming. The ISM data for September hit a reading of 60 which is the highest level since 2004 with 17 of 18 subgroups reporting growth. The two most forward looking indices (new orders and production) also went above 60 thanks in part to rebuilding efforts which are ramping up after storms Harvey and Irma. The employment index also rose from 59.9 to 60.3. Manufacturing growth through the first 3 quarters of 2017 is the best since 2010.
There is a big scout trip this weekend. Hopefully the weather will be cold and wet.