Wholesale inventories fell a steep 1.1% in October, well below the estimate of a 0.2% decline and September was revised lower. Sales, however, were down 4.1%, the largest decline since 1972, though the figure was influenced by a steep decline in petroleum.
The Dow Jones Industrial Average rose 70 points (0.8%) to close at 8,761, the S&P 500 Index gained 11 points (1.2%) to 899, while the Nasdaq Composite increased 18 points (1.2%) to close at 1,565. Crude oil rose $1.45 to $43.52 per barrel, and gold ended up $34.10 at $808.30 per ounce.
Magnificent Seven Update
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