More News From Europe on the Horizon
Even with the additional news out of the States, Europe will still continue to grab the spotlight when the region's leaders meet at the G-20 summit in Cannes from November 3-4. The European Central Bank's interest rate announcement will also be out this week on Thursday.
Dow Jones Industrial Average (Figure 1)
Tuesday's Economic Reports
Tuesday's economic reports in the U.S. had little impact upon the session's price action. The news was unwelcome, but after sharp selling, the market was already exhausted intraday on the downside by the time it hit. The ISM Manufacturing Index fell from 51.6 in September to 50.8 in October. It had been expected to move higher to 52.1. Meanwhile, construction spending was higher by 0.2% in September, but fell short of expectations. It had been higher by 1.4% the previous month.