The US markets ended higher on Tuesday after a report from the Institute for Supply Management (ISM) showed service sector activity unexpectedly grew at an accelerated rate in the month of October. The ISM said its services PMI rose to 56.0 in October from 54.9 in September, with a reading above 50 indicating growth. The uptick surprised participants, who had expected the index to dip to 53.8. With the unexpected increase, the ISM’s services PMI reached its highest level since hitting 56.4 in July 2022. Besides, the rally on Wall Street reflected optimism the stock market and the U.S. economy in general will continue to perform well regardless of the results of today's elections.
On the sectoral front, airline stocks showed a substantial move to the upside on the day, with the NYSE Arca Airline Index soaring by 2.8 percent. Considerable strength was also visible among housing stocks, as reflected by the 2.3 percent surge by the Philadelphia Housing Sector Index. Biotechnology stocks also saw considerable strength, driving the NYSE Arca Biotechnology Index up by 1.6 percent to its best closing level in well over three years. Brokerage, computer hardware and semiconductor stocks also showed significant moves to the upside, moving higher along with most of the other major sectors.
Dow Jones Industrial Average rose 427.28 points or 1.02 percent to 42,221.88, Nasdaq gained 259.19 points or 1.43 percent to 18,439.17 and S&P 500 was up by 70.07 points or 1.23 percent to 5,782.76.
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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