The Dow Jones Industrial Average resumed its rally with a bang, scoring its best gains of the year, rocketing above its 21,000 milestone, and securing a new record close. The S&P 500 also scored all-time highs. The Federal Reserve backed up recent data showing economic growth in its latest "Beige Book." The anecdotal reading of Fed districts showed modest to moderate growth with a few regions showing accelerating wages. McDonald's (MCD) unveiled a strategy aimed at improving its customer experience and returning capital to shareholders. The world's largest burger chain plans to repurchase as much as $24 billion worth of shares by the end of this decade. Etsy (ETSY) slumped as quarterly losses deepened. The crafts marketplace nearly quintupled its per-share loss over its quarter, even as revenue jumped 25%.
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How quickly do we find support, is what we'll want to know now, as the correction is occurring while economic optimism builds.
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Salesforce, Amgen and Honeywell will give a lift to the DJIA going forward.
CAG has hung onto the bulk of its recent gains, and could rise to the $50 area, according to the charts and indicators.