Both the S&P and NASDAQ closed higher following the release of strong economic data. The Empire State Manufacturing Index for September, which measures changes in Business Activity, had a reading of 17 versus the expectation for 6.9 and the prior month’s 3.7. This was the third straight month with a positive reading. This month’s acceleration in growth was stronger than any of Wall Street’s economists had anticipated. U.S. Industrial Production rose by less than expected in August, but kept the trend of increased activity intact. Now, all eyes turn to this evening’s Federal Reserve policy meeting and Fed Chair Jerome Powell’s press conference. The S&P and NASDAQ closed ended yesterday’s session with gains of 0.52% and 1.43% respectively. Meanwhile European Indices closed higher led by the FTSE. German Economic Sentiment for September beat expectations and rose versus August, indicating economic activity is likely to increase going forward. British Prime Minister Boris Johnson’s Bill that could rewrite parts of the Brexit treaty passed its first test in the House of Commons, potentially stoking tensions with the European Union. European Union leaders pressed China to open up its markets more to foreign investors by year’s end or risk straining the relationship between the two governments. Elsewhere, Oil closed 2.75% higher as hurricanes in the Gulf of Mexico hampered supply from the U.S, while Gold again closed flat.
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For anyone following my Platinum Service it was flat yesterday as none of my calls were hit and is still ahead by 1207 points for September, having made 2383 points in August, 3128 points in July, 2580 points in June, 2456 points in May, 4773 points in April, an incredible 9264 points in March, 2223 points in February and 2142 points in January. Since I started this New Platinum Service in June 2015 it has averaged a monthly gain of over 1600 points
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