The US markets ended higher on Tuesday as the minutes of the Federal Reserve's latest monetary policy meeting revealed officials believe it will be appropriate to gradually lower interest rates. The minutes said officials feel a gradual approach to lowering rates to a more neutral stance will be appropriate if economic data come in about as expected, with inflation continuing to move down sustainably to 2 percent and the economy remaining near maximum employment. The Fed said participants also noted that monetary policy decisions were not on a preset course and were conditional on the evolution of the economy and the implications for the economic outlook and the balance of risks.
On the sectoral front, software stocks turned in a strong performance on the day, driving the Dow Jones U.S. Software Index up by 1.4 percent to a record closing high. Utilities and pharmaceutical stocks also saw considerable strength, with the Dow Jones Utility Average and the NYSE Arca Pharmaceutical Index climbing by 1.3 percent and 1.2 percent, respectively. On the other hand, housing stocks moved significantly lower, dragging the Philadelphia Housing Sector Index down by 1.8 percent. The weakness among housing stocks came after the Commerce Department released a report showing a substantial pullback by new home sales in the month of October.
Dow Jones Industrial Average surged 123.74 points or 0.28 percent to 44,860.31, Nasdaq rose 120.74 points or 0.63 percent to 19,175.58 and S&P 500 was up by 34.26 points or 0.57 percent to 6,021.63.
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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