The first trading day of November was marked by continued negative economic news out of China and lower oil prices but the markets gained ground none the less. The Dow ventured into positive territory for the first time in 2015, while the S&P 500 closed above 2,100 for the first time since August.
China’s top economic official says Beijing expects annual growth of “at least 6.5 percent” through 2020. Last year’s growth target was 7 percent. Chinese officials are looking for an annual economic growth of at least 6.5 percent over the next five years. Economic growth in China over the latest quarter declined to a six-year low of 6.9 percent. Asian stock markets were mostly lower today after lackluster economic data from the U.S. and China. A monthly survey of factory managers in China showed conditions were still weak in October, and oil prices fell after soft Chinese factory data. US oil closed down 45 cents, or 1%, at $46.14 a barrel.
Meanwhile, despite today’s gains, and October being the best month on the market in 4 years, Art Cashin– UBS’s director of NYSE floor operations told CNBC’s “Squawk on the Street” that “investors may get coal under their Christmas trees this year with the Santa Claus rally cut in half.” Watch below.
Here are the final numbers from Monday, 11/2/15 on Wall Street:
Dow Jones Industrial Average: 17, 828.19 (+164.65/ +0.93%)
NASDAQ: 5,127.15 (+73.40/ +1.45%)
S&P 500: 2,104.05 (+24.69 / +1.19%)