The US markets ended higher on Friday with the Dow closed the day modestly higher at a new record closing high. Sentiments on the Wall Street got some support amid ongoing optimism about the outlook for the U.S. economy following largely upbeat batch of data. Meanwhile, a steep drop by shares of American Express (AXP) limited the upside for the Dow, with the credit card giant tumbling by 3.2 percent. American Express came under pressure after reporting third quarter earnings that beat expectations but weaker than expected revenues.
On the economic data front, the Commerce Department released a report showing a modest pullback by housing starts in the month of September. The Commerce Department said housing starts fell by 0.5 percent to an annual rate of 1.354 million in September after spiking by 7.8 percent to a revised rate of 1.361 million in August. Street had expected housing starts to dip by 0.4 percent to an annual rate of 1.350 million from the 1.356 million originally reported for the previous month.
The report also showed a sharp pullback by building permits, which tumbled by 2.9 percent to an annual rate of 1.428 million in September after surging by 4.6 percent to a revised rate of 1.470 million in August. Building permits, an indicator of future housing demand, were expected to slump by 1.0 percent to an annual rate of 1.460 million from the 1.475 million originally reported for the previous month. On the sectoral front, gold stocks showed a substantial move to the upside, driving the NYSE Arca Gold Bugs Index up by 4.8 percent to its best closing level in almost four years.
Dow Jones Industrial Average rose 36.86 points or 0.09 percent to 43,275.91, Nasdaq gained 115.94 points or 0.63 percent to 18,489.55 and S&P 500 was up by 23.20 points or 0.40 percent to 5,864.67.
MoneyWorks4Me rating and ranking of funds for SIP is available to subscribers only. Moneyworks4Me is not a rating and ranking agency, however it is required that users have a way of selecting funds and building a Portfolio. The method used by it are described below to enable users to understand the logic behind the rating and ranking Subscriber will find more details on this in the various content made available from time to time. In case you need more please write to besafe@moneyworks4Me.com
MoneyWorks4Me rates and ranks mutual funds based on the following data-driven system:
Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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