Stocks enjoyed a large gap at the open of trading Monday, although indexes finished mixed by day's end. News Sunday evening that Larry Summers had withdrawn from consideration for the next Federal Reserve head made traders happy as Summers was seen as a bit less open to extreme measures to keep the spigots flowing at the Fed, whereas the new front runner, Janet Yellon is considered among the most dovish economists in the United States. However this was a case of a big jump at the open and then a slow ride down by early afternoon. Tech stocks never really joined the party as we can see with the NASDAQ finishing down 0.12%; meanwhile the S&P 500 gained 0.57%. The 2 economic reports on the day were non-factors:
The New York Federal Reserve's September Empire State index fell to 6.29 from 8.24 in August. It was expected to tick up to 8.5. Industrial production rose 0.4% in August, in line with expectations.
No change on these indexes as the S&P 500 tries for yearly highs and the NASDAQ is already there.
The Summers news also cratered Treasury yields initially, but they rallied back to limit losses by the end of day.
Apple (AAPL) cratered again today and now has lost the entire breakout move it started in late July.
Facebook (FB) likewise had a rough day as traders rotated out of technology stocks.
Boeing (BA) had been one of the stronger large cap stocks in the market during the correction of August, and today surged.
Likewise, Morgan Stanley (MS) has been impressive of late and helped lead the financial higher as money rotates into new sectors.