Actionable news
All posts from Actionable news

Dow adds more than 150 points, turns positive for 2015

U.S. stocks traded more than 1 percent higher Monday, the first trading day of November, as investors eyed earnings and a heavy week of economic reports. ( adds more than 150 points, turns positive for 2015&via=CNBC"> Tweet This )

"To me this is just one gigantic performance chase. No one wants to miss the year-end rally (even after October's gains)," said Peter Boockvar, chief market analyst at The Lindsey Group.

"A lot of the international factors that spooked the market in August are still there," he said, noting declines in Asian equities overnight.

The Dow Jones industrial average turned positive for 2015 in intraday trade as the close approached, joining the S&P 500 and the Nasdaq composite in positive territory for the year so far.

The S&P 500 gained more than 1 percent to top 2,100 in intraday trade. The last time the index crossed 2,100 in intraday trade was Aug. 18, and its last close above was on Aug. 17.

Energy rose more than 2 percent to lead S&P 500 advancers, despite crude oil settling down 1 percent.

Chevron contributed the most to gains in the Dow, which gained more than 150 points in afternoon trade.

The Nasdaq composite outperformed, rising more than 1 percent, as Apple traded more than 1 percent higher and the iShares Nasdaq Biotechnology ETF (IBB) jumped more than 3.5 percent as of 2:27 p.m.

The Nasdaq 100 — which is composed of the Nasdaq's 100 largest nonfinancial firms — hit a new 52-week high and briefly crossed its record close from March 2000 of 4,704.73 in intraday trade.

"I think generally earnings continue to do a little better than expected," said Michael Mussio, managing director at FBB Capital Partners.

"It looks like some people are continuing to buy today into the strength," he said.

The major averages opened little changed, with the Dow dipping into negative territory as Visa weighed. The stock traded about 3 percent lower after falling more than 3.5 percent in morning trade.

The credit card issuer reported earnings that missed on revenue that slightly topped expectations. Visa also announced the purchase of Visa Europe for about $18.2 billion and authorized a new $5 billion share repurchase program.

In U.S. economic news, October ISM manufacturing was 50.1, slightly beating expectations of 50.0 but posting a fourth-straight monthly decline, Reuters said. Construction spending rose 0.6 percent in September.

"It's good that it was positive, over 50. It hasn't collapsed," said Doug Cote, chief market strategist at Voya Investment Management. "The economy continues to move along at a moderate pace."

The final read on October manufacturing PMI hit a 6-month high at 54.1, according to Markit.

The data is "generally positive. "Manufacturing...