The stock market is poised to end the month with its best September performance in 71 years.
September has traditionally been a gloomy month for the stock market. However, going into the final day of the month this year, the Dow Jones Industrial Average has increased 8.5 percent, its best September performance since 1939.
"It appears the stock market will close out its best September performance since 1939 as fears of a double-dip recession eroded during the month," Fred Dickson, chief market strategist at Davidson Cos., told MarketWatch.com.
Traders were upbeat after the Chicago Purchasing Managers Index reported rising manufacturing activity in the region and the U.S. Labor Department said initial claims for unemployment benefits fell 16,000 to a seasonally adjusted 453,000.
Locally, the Business Survey of the Institute for Supply Management-Milwaukee reported today that its Seasonally Adjusted Milwaukee Index declined nine points from the previous month to 50. Any reading over 50 indicates growth.
Among the individual gauges in the Milwaukee index: new orders received dropped three points to 63; production dropped 10 points to 64; backlog declined eight points to 49; supplier lead times improved two points to 34; blue collar employment rose one point to 64; white collar employment declined one point to 59; capital equipment purchased dropped 10 points to 59; and the prices paid index went down one point to 57.
In another report, the U.S. Commerce Department said gross domestic product - the broadest measure of the economy's health - expanded by 1.7 percent in the April-to-June quarter.
The largest local gainers in the BizTimes Stock Index this morning were Manpower Inc. (up $2.06 to $51.39) and Strattec Security Corp. (up 59 cents to $25.05). The largest local decliners this morning were Bucyrus International Inc. (down $1.61 to $68.98) and Joy Global Inc. (down $1.07 to $69.76).
Stocks on track for best September in 7 decades
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