|
The continued stimulus for the economy from the Federal Reserve should also help support the economy and corporate earnings. The U.S. central bank is currently buying $85 billion of bonds every month to support the economy. The government's monthly jobs report for September will be released Tuesday, giving investors more information about the strength of the U.S. economy. The report, which is typically released on the first Friday of every month, was delayed because of the government shutdown. Economists predict that the U.S. economy added 180,000 jobs in September, according to data provider FactSet. Investors may discount the report though, as it is being published more than two weeks late. "It's old information, it's not as current as it normally is," said Kate Warne, a market strategist at investment adviser, Edward Jones. Homebuilders slumped after Americans bought fewer previously occupied homes in September than the previous month, held back by higher mortgage rates and rising prices. The National Association of Realtors said Monday that sales of re-sold homes fell 1.9 percent to a seasonally adjusted annual rate of 5.29 million. KB Home fell 60 cents, or 3.5 percent, to $16.57. D.R. Horton dropped 35 cents, or 1.8 percent, to $18.67. In government bond trading, the yield on the 10-year note edged up to 2.61 percent from 2.58 percent Friday. In commodities trading, the price of oil dipped below $100 for the first time since early July after a government report showed that U.S. supplies continue to rise. Oil fell $1.59, or 1.6 percent, to $99.22 a barrel. Gold rose $1.20, or 0.1 percent, to $1,315.80 an ounce.
Among stocks making big moves: General Electric rose 59 cents, or 2.3 percent, to $26.14 after Citigroup added the company to its U.S. Focus List, citing the company's buyback program and cost-cutting plans among some of the reasons to own the stock. Gannett, the media company that owns USA Today, fell 59 cents, or 2.1 percent, to $26.90 after the company reported lower earnings and revenue for the third quarter.
[Associated
Press;
Copyright 2013 The Associated
Press. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.