The benchmark indices posted notable gains for the week despite a late downturn on Friday. The U.S. stock indices kicked off the week, closing in green territory on Monday. Gains reached across several sectors, including Financials, Consumer Discretionary, and Health Care. In economic news, The ISM Manufacturing Index climbed to 60.8 in September, from 58.8 in August, marking the highest level since May 2004. The following day, the indices set new record highs as many Consumer Staples brands posted gains. On another note, U.S. automakers reported stronger-than-anticipated sales for September. Record levels were reached again mid-week as stocks stepped up on a variety of economic news. The ISM’s Non-manufacturing Index showed that services industry activity ticked up to 59.8 in September from 55.3 in August, marking the highest level since August 2005. New record highs continued on Thursday with Consumer Staples stocks leading gains amid a variety of economic news. Weekly jobless claims declined last week. Department of Labor figures showed new claims dipped by 12,000 to 260,000. Elsewhere, U.S. factory orders increased in August, as Census Bureau data showed new orders for manufactured goods ticked up 1.2%. On Friday, the major indices slid down in afternoon trading following a mixed Jobs Report for September. Hurricanes Harvey and Irma likely affected payroll figures for September, but the unemployment rate declined to 4.2%—0.2 percentage point below August’s rate, and hourly earnings increased.
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