Stocks started November with a strong rally after a string of data from the U.S. and China buoyed hopes that the global economic recovery remains on track. Consumer-confidence index increased to 72.2 in October from a downwardly revised 68.4 in September. The ISM’s index of purchasing managers edged up to 51.7% from 51.5% in September and a three-year-low of 49.6% in August. ADP said 158,000 private-sector jobs were created in October. Separately, initial jobless claims fell by 9,000 to a seasonally adjusted 363,000. In Asia, two Chinese manufacturing surveys showed signs of economic recovery. Also, Exxon Mobil gained 0.5% even after it reported a 7% decline in Q3 earnings due to lower production. Tech stocks followed the broader market and closed mostly on upbeat note. Upbeat consumer confidence and manufacturing data also sparked a rally in semis, with Intel jumping 2.9%, Advanced Micro Devices rising 4.4% and Texas Instruments advancing 4%. On the downside, Netflix lost 2% after Oppenheimer downgraded the stock to perform on valuation and the competitive threat from Amazon.com. After the closing bell, Starbucks and Priceline climbed 7.3% and 9.5% respectively, bolstered by forecasts from the companies that were higher than Wall Street’s current expectations.
