Stocks Spiral Higher, S&P 500 Breaks 1000, Manufacturing Improves

Coming off their best performing month since 1989, stocks continued their bull run on the first trading day of August. Positive data from the Manufacturing report sent stocks spiraling higher with the broad based market barometer S&P 500 breaking above the technically critical 1000 level. The DJIA surged +114.95 to 9286.56, the Nasdaq climbed +30.11 to 2008.61 and the S&P 500 added +15.15 to 1002.63.

3M
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– A Goldman Sach’s upgrade to buy sent shares higher by 2.20% or $1.55 to $72.07.

Ford
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– The automaker added 4% or 32 cents to $8.32/share being spurred by the government cash for clunkers program.

Janus Capital
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– Another Goldman Sachs upgrade climbing 2.49% or 34 cents to $14.00/share.

Savient Pharma
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– Failed to win U.S. approval for a new gout drug sending shares lower by 17.90% or $2.79 to $12.80/share.

Oil added $2.13 jumping above the $70.00 mark to $71.38, gold eased higher by $3.00 to 958.80 and the VIX fear index fell by 1.35% to 25.57 after trading higher for most of the day.

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Market Snapshot

Dow

+114.95 9286.56

NASDAQ

+30.11 2008.61

S&P 500

+15.15 1002.63

Economic
News

Construction Spending (Jun): Consensus: -0.5%, Prior: -0.9%

ISM Index (Jul): Consensus: 46.5, Prior: 44.8

Auto Sales (Jul): Consensus: NA, Prior: 3.4M

Truck Sales (Jul): Consensus: NA, Prior: 3.8M

Personal Income (Jun): Consensus: -1.0%, Prior: 1.4%

Personal Spending (Jun): Consensus: 0.3%, Prior: 0.2%

Pending Home Sales (Jun): Consensus: 0.3%, Prior: 0.1%

ADP Employment Change (Jul): Consensus: -340K, Prior: -473K

Factory Orders (Jun): Consensus: 0.5%, Prior: 1.2%

ISM Services (Jul): Consensus: 48.0, Prior: 48.8

Crude Inventories (07/31): Consensus: NA, Prior: +5.15M

Initial Claims (08/01): Consensus: NA, Prior: NA

Average Workweek (Jul): Consensus: 33.0, Prior: 33.0

Hourly Earnings (Jul): Consensus: 0.1%, Prior: 0.0%

Nonfarm Payrolls (Jul): Consensus: -333K, Prior: -467K

Unemployment Rate (Jul): Consensus: 9.6%, Prior: 9.5%

Consumer Credit (Jun): Consensus: -$4.1B, Prior: -$3.2B