U.S. stocks started the fourth quarter on a strong note. As Fred Katayama reports, the Dow, S&P 500 and Nasdaq finished the day at record highs.
Wall Street started the first day of the fourth quarter with a bang. The three major indexes rose to record highs Monday amid strong economic news. Financials and healthcare stocks led the rally. The dollar rose against the euro and yen after the manufacturing index ISM rose in September to its highest level since 2004. Lindsey Bell of CFRA: SOUNDBITE: LINDSEY BELL, INVESTMENT STRATEGIST, CFRA, (ENGLISH) SAYING: "Some of what we're seeing is what happened in Spain also. So the U.S. once again looks like one of the better blocks in the market. We got a lot of great economic data this morning, too. ISM, PMI better than expected moving higher on the year. Construction spending was also good within the ISM report. We saw new orders were up significantly. Employment number was very good. That bodes well for the underlying economy going forward here in the U.S." MGM Resorts, Wynn Resorts and other casino operator shares fell after a gunman killed more than 50 people in Las Vegas Sunday night. Shares of gunmakers American Outdoor Brands, which owns the Smith and Wesson brand, and Sturm Roger rose. Nordstrom shares fell. The New York Post reports that talks to take the department store chain private are in danger of falling apart. It says the family behind the retailer ha struggled to raise the money to do the deal. Walt Disney and Altice shares rose after the two media companies reached a tentative deal. That agreement allowed Disney to avert a blackout of its programs on Altice's cable service. In Europe, the major markets rallied despite the violent referendum in Catalonia that sank Spanish stocks.