Daily Market Update: Tuesday, October 6th

Good evening, this is your market update for Tuesday October 6th. 

The Dow rose by triple figures for a second day as the dollar continued its decline and price of commodities rose. Energy, mining, and technology stocks were the best performers. The price of gold rose to as high as $1045 an ounce in New York on speculation that currencies will depreciate and inflation will heat up. The stage for today’s market action was set before the open. Australia became the first “Group of 20” nation to lift its benchmark interest rate since the recession began, anticipating the economy will improve. A merger added to the good mood. Emerson said it would buy Avocent for $1.2 billion in cash, and both stocks rose as a result. Emerson was up 1.4% and Avocent gained 21%. The Dow was up as many as 174 points before closing with a gain of 131.50 points at 9731.25. NYSE volume totaled about 1.23 billion shares. The S&P 500 gained 14.26 points while the Nasdaq was up 35.42 points. The 10-year Treasury note was down 10/32 to yield 3.26%.   For more market news visit Virtuswealth.com and don’t forget to listen to Your Money, Your Retirement, airing every Saturday’s from 4:00 pm to 5:00 pm.       Securities and advisors services offered through VSR Financial Services, Inc. Member FINRA/SIPC.

 

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