The Chicago Purchasing Managers’ Index fell from 56.7 in September to 37.8 in October, far below the forecast of 48.0 and the lowest reading since May 2001.
Personal spending fell 0.3% in September, below the forecast of a 0.2% decline. Personal income increased 0.2%, versus expectations of 0.1%, but August was revised slightly lower. The PCE Price Index rose 0.1% in August, and the core PCE Price Index increased 0.2%, just above the estimate of 0.1%.
Final University of Michigan consumer sentiment for October inched up from 57.5 in the preliminary reading to 57.6. Analysts had expected 57.5.
More from Bloomberg...
The Dow Jones Industrial Average gained 144 points (1.6%) to close at 9,325, the S&P 500 Index rose 15 points (1.5%) to 969, while the Nasdaq Composite advanced 22 points (1.3%) to 1,721. Crude oil rose $1.85 to $67.81 per barrel, and gold ended down $13.40 at $725.10 per ounce. For the week, the DJIA jumped 11.3%, the S&P 500 Index was up a sharp 10.5%, and the Nasdaq Composite surged 10.9%.
Magnificent Seven Update
Weekly Analysis Of Magnificent Seven ETFs
