Wednesday, August 31, 2011

Alcoa (AA), Caterpillar (CAT) Push Dow Up

After solid reports from the Chicago purchasing managers' index and factory orders, shares of Alcoa (NYSE:AA) and Caterpillar (NYSE:CAT) helped push the Dow up, as it moved slightly into positive territory on the year.

In early trading the S&P 500 (SPX) climbed 10 points, or 0.9%; and the Nasdaq Composite (COMP) was up 21 points, or 0.8%.

On Friday the August report for jobs will be released, with expectations of the economy adding about 80,000 new jobs. The unemployment rate should remain at 9.1 percent.

It also appears there will be another round of quantitative easing, with the question apparently only what form it'll take, not if it'll be implemented. That will put downward pressure on the U.S. dollar and push gold and other commodities up.

Alcoa was trading at $12.77, up $0.41, or 3.32 percent, as of 11:59 AM EDT. Caterpillar was at $91.70, jumping $1.87, or 2.08 percent.

No comments: