Your Wednesday Market Blip 11/1/17

Your Wednesday Market Blip 11/1/17

The markets were mixed heading into big earnings reports tonight from Faceplant, Tesla and others. At the close the Dow was up 57 points on heavy trade to 23,435. The NASDAQ was lower on heavy trade waiting for “the apple to drop” which happens after the close tomorrow. For the month of October the Dow was up about 4.3% and is now up 18.3% for the year.

In economic news consumer spending surged in September at the fastest pace since 2009. The surge was due to storm induced car sales, utilities and gasoline purchases among other items. As John noted yesterday, incomes increased 0.4% in September as private sector wages jumped along with FEMA disaster assistance payments. Consumer confidence also hit a 17 year high rising from 120.6 to 125.9. Positive views for jobs and business conditions were the main drivers of the uptick. Maybe Americans like all the disruption and debate going on these days. The Federal Reserve also wrapped up its meeting and while interest rates were unchanged they did indicate there will be one more rate hike this year.

Diagon Ally was a hit. My neighbor Jon counted 2,676 visitors between 3:30 and midnight. At times there was a line down the block and kids were hitting our house for candy before getting in line for Diagon Ally. It was fun! My favorite costume was Calvin and Hobbs. Up the street the Sateway store sold out of candy. I think Jon is #1 on their Chirstmas card list because Diagon Ally became the “go to” Halloween desitnation for Seattle which forced the neighbors to buy reams of candy to meet demand. Check it out at Geekwire.