Independent, Fee-Only Financial Advisor

Independent, Fee-Only Financial Advisor

Monday, November 01, 2010

Monday

Blue-chip stocks squeaked out a slim gain today amid jitters ahead of U.S. midterm elections and expected moves from the Federal Reserve. Technology stocks rose after the Semiconductor Industry Association said global chip sales rose 2.9% in September. The market had climbed earlier today, fueled by encouraging manufacturing reports from the U.S. and China, as well as an unexpected rise in U.S. construction spending. A ProPublica report said the SEC is investigating whether J.P. Morgan Chase allowed Magnetar Capital, a hedge fund, to improperly select assets for a $1.1 billion deal backed by subprime mortgages. This report caused financial stocks to slide into the red, which in turn caused the market's climb to slow. DJIA +6.13 Nasdaq -2.57 S&P 500 +1.12.