The US markets ended mostly in green on Thursday. The rebound by the tech-heavy Nasdaq was partly due to a surge by shares of Tesla (TSLA), with the electric vehicle maker soaring by 21.9 percent. The spike by Tesla came after the company reported better than expected third quarter earnings and CEO Elon Musk said his best guess is vehicle growth will reach 20 to 30 percent next year. Shares of UPS (UPS) also saw significant strength after the delivery giant reported third quarter results that exceeded street estimates on both the top and bottom lines. On the economic data front, after reporting an unexpected pullback by first-time claims for U.S. unemployment benefits in the previous week, the Labor Department released a report showing initial jobless claims saw further downside in the week ended October 19th. The report said initial jobless claims fell to 227,000, a decrease of 15,000 from the previous week's revised level of 242,000.
Street had expected jobless claims to inch up to 242,000 from the 241,000 originally reported for the previous week. Besides, new home sales in the U.S. rebounded by much more than expected in the month of September, according to a report released by the Commerce Department. The Commerce Department said new home sales surged by 4.1 percent to an annual rate of 738,000 in September after tumbling by 2.3 percent to a revised rate of 709,000 in August. Street had expected new home sales to climb by 0.5 percent to an annual rate of 720,000 from the 716,000 originally reported for the previous month. On the sectoral front, Most of the major sectors ended the day showing only modest moves, although substantial weakness was visible among airline stocks, with the NYSE Arca Airline Index plunging by 3.5 percent. Southwest Airlines (LUV) led the sector lower, plummeting by 5.6 percent even though the airline reported better than expected third quarter results.
Nasdaq gained 138.83 points or 0.76 percent to 18,415.49 and S&P 500 was up by 12.44 points or 0.21 percent to 5,809.86, while Dow Jones Industrial Average fell 140.59 points or 0.33 percent to 42,374.36.
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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