Goshen News, Goshen, IN

Local News

November 9, 2013

Dow bounces back to new high

(Continued)

The yield on the 10-year note jumped to 2.75 percent from 2.60 percent on Thursday, the highest level since Sept. 20. JPMorgan Chase rose $2.31, or 4.5 percent, to $53.96. Bank of America gained 52 cents, or 3.8 percent, to $14.32.

Housing stocks were among the biggest decliners on Friday.

Higher Treasury yields lead to higher mortgage rates, and that in turn can hurt demand for homes. Lennar fell $1.45, or 4.2 percent, to $32.79. PulteGroup dropped 66 cents, or 3.8 percent, to $16.85.

The government reported that U.S. employers added 204,000 jobs in October, an unexpected burst of hiring during a month in which the federal government was partially shut down for 16 days. The job additions were far greater than the 130,000 economists were expecting, according to FactSet, a financial data provider.

The jobs report was the second piece of unexpectedly robust economic news that Wall Street received in the past two days. The Commerce Department said Thursday that the U.S. economy grew at a 2.8 percent annualized rate in the third quarter, better than the 2.5 percent rate economists were looking for.

The Federal Reserve has been buying $85 billion worth of bonds each month since last December to keep long-term interest rates low and encourage hiring and borrowing. The program has also helped drive up stock prices by making bonds look expensive by comparison.

Some analysts say the impact of the Fed’s stimulus on the stock market’s rise has been overstated, compared to factors such as rising corporate earnings. Removing the stimulus would likely benefit the economy by eliminating one of the uncertainties facing U.S. businesses, said Liz Ann Sonders, chief investment strategist at Charles Schwab.

“It’s time we rip the Band-Aid off,” Sonders said. “If it’s the data that supports it, all the better.”

Almost 90 percent of the companies in the S&P 500 have reported their results for the third quarter, and their earnings are forecast to have grown 5.6 percent in the period. That compares with growth of 4.9 percent in the second quarter and 2.4 percent in the same period a year ago.

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Three Goshen elementary schools — Chandler, Chamberlain and West Goshen — are providing free meals to all students during the school year as part of the U.S. Department of Agriculture’s Community Eligibility Provision of the Healthy Hunger-Free Kids Act of 2010. Nearly 80 percent of students at Chandler, 89 percent of students at Chamberlain and 78 percent of students at West Goshen already qualify for free or reduced-price lunches based on their family income. How do you feel about the new lunch program?

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