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Stocks are surging, Dow up 300
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Stocks started the week on a firm footing Monday as the Nasdaq returned to positive territory for the year.
Near 2:32 p.m. ET, the Dow was 301 points higher, the S&P 500 was up 35, and the Nasdaq was up 76 points, all more than 1% higher.
Stocks are adding to gains made on Friday during the biggest intraday reversal from a plunge in four years. The indexes ended the day up 1%, and the Dow gained 200 points, after a sub-par jobs report. The economy added 142,000 jobs in September, fewer than expected, while the unemployment rate held at 5.1% and average hourly earnings were flat.
Glencore shares went bananas again. Shares jumped as much as 71% in Hong Kong and 13% on the FTSE 100. The stock made big moves last week amid concerns about the company's financials.
General Electric rallied as much as 6%, the highest on the Dow. The company announced that it is selling its corporate aircraft portfolio for about $2.5 billion, as it continues to shed most of GE Capital.
And, Twitter opened 2% higher after the company announced Jack Dorsey as permanent CEO. Dorsey had served as the interim boss after Dick Costolo resigned in July.
In economic data, Markit's services PMI and ISM non-manufacturing PMI showed a still-robust sector. ISM's PMI missed on the headline, at 56.9 versus 57.5 expected, and the report showed that most industries expanded, and employment increased. Markit's report (a 55.1 index versus 55.6 estimated) also showed strong hiring.
Earnings season unofficially kicks off this week, with aluminum giant Alcoa reporting on Thursday. Some analysts have forecast that given the global macro weakness of the past few months, we could see many downbeat results, and a rough ride for stock prices.
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