New York - Stocks were mixed on Monday in the United States as market participants weighed up a decline in economic growth in China, the world's second largest economy, against positive earnings reports.
The Wall of earnings over the next two weeks will be key as to the market's next move; a continuation of positive commentary should help keep the rally well supported, Chris Beauchamp, chief market analyst at IG, told Reuters news agency this week.
Judging by the figures so far it seems like earnings season will be the catalyst for further gains which eluded investors throughout September and early October. The Nasdaq Composite was the biggest winner on Monday, rising 124.47 points or 0.84 percent to 15,021. The Dow Jones index fell 36.15 points or 0.10 percent to 35,258. Standard and Poor 500 added 1.53 points or 0.34 percent to 4,486. The U.S. dollar was mixed Monday. The euro nudged 0.1612 approaching the New York close. The British pound softened to 1.3731. The Swiss franc rose to 0.9229. The Japanese yen slipped to 114.30.
The Canadian dollar was a fraction stronger at 1.2379. The US dollar declined 0.7416 at 0.7416. On European markets the German Dax fell 0.72 percent. In Paris, the CAC 40 was down 0.81 percent.
China recorded a GDP of 4.9 percent in the third quarter of the third quarter of Asia. While this is a healthy number, it is significantly below 8 - 9 percent achieved in recent years (details can be viewed here)
The Australian S&P ASX 200 rose 0.30 percent to close at a high of 7,381 in 3 weeks. The All Ordinaries added 15,50 points or 0.20 percent to 7,689. The Nikkei 225 lost an astonishing 43.17 points in Japan or 0.15 percent to 29,025. The Hang Seng in Hong Kong was ahead 78.79 points or 0.31 percent to close on Monday at 25,409.