U.S Indices closed higher, boosted by strong economic data, as they rebounded following a bad week and a down October. The ISM Manufacturing Index came in above estimates in October, and hit the highest level since September 2018. And IHS Markit Manufacturing PMI rose from the initial reading. Both of these data points, signal a continued recovery in the U.S. economy, especially following last week’s release of record Third-Quarter Gross Domestic Product (“GDP”) growth. There are still plenty of catalysts throughout the week. Today’s Presidential Election (and the potential lack of decisive results) is one, as is the Federal Reserve’s policy meeting later this week. The Dow led yesterday’s rally, closing 1.6% higher. European Indices also closed higher despite most of the EU in lockdown. The British government announced a new monthlong lockdown that will include remaining at home and the closure of bars and restaurants in an effort to contain the Coronavirus spread. Austria and Portugal announced additional COVID-19 related lockdowns that will allow schools and business to remain open to better contain the outbreak. Markit Euro-Zone’s final Manufacturing Purchasing Managers’ Index (“PMI”) data for October were better than expected, signalling the economy is weathering the storm. COVID-19 vaccine candidates from AstraZeneca and Pfizer were said to be under accelerated reviews in the U.K., suggesting one could be approved for use soon. Elsewhere, Oil closed 3.6% higher as strong manufacturing data signalled positive demand for crude, while Gold finished 0.86% higher ahead of policy decisions from the Federal Reserve and Bank of England.
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