S&P 500 on Course for Biggest Annual Gains in a Decade (Bloomberg)
The S&P 500 is up 23 percent for the year, which is within one percentage point of a 23.5 percent gain in 2009 and not far off of the high for the decade of 26.4 percent in 2003. Investors have added around $4 trillion to U.S. equities this year, based on speculation that the Fed would maintain its stimulus program throughout the year. While the 26.4 percent gain in 2003 came on the heels of the bursting technology bubble, this year really has followed a four-year period where the index doubled. Looking ahead, investors can expect additional gains as the economy is still expanding and past rallies have survived higher interest rates, according to Brian Jacobsen of Wells Fargo Advantage Funds.
HSBC’s flash Purchasing Manager’s Index (PMI), due out tomorrow, is expected to show that China’s manufacturing sector contracted in October -- slipping to a score of 49.8, when a score of 50 indicates expansion.
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