1. The rally really began in Japan when two pieces of news crossed. First, Nikkei reported that Japan's $1.2 trillion behemoth Government Pension Investment Fund would ramp up its exposure to foreign and domestic stocks. Second, the Bank of Japan unexpectedly announced a big boost to its quantitative-easing stimulus program. The Nikkei went bonkers, surging 4.8% to close at a seven-year high.
2. The US had some good economic news. The University of Michigan's consumer confidence index unexpectedly jumped to 86.0 in October from 84.6 a month ago. The Chicago PMI unexpectedly spiked to a 12-month high of 66.2 in October from 60.5 in September. "The bounceback in the Barometer marks a solid start to Q4 and suggests that against a backdrop of concerns about weakening growth in Europe and China, the US economy is still growing firmly," ISM-Chicago said in its release.
3. In a sign of labor market tightness, the employment cost index jumped 0.7% in Q3. "This is the fastest pace of quarterly compensation that we have seen since late 2008," BNP Paribas' Bricklin Dwyer noted. "The measure popped up to 2.2% y/y, accelerating from the previous 10-month's 1.8-2.0% range."
4. The stock market has been on an absolute wild ride in the last two months. It went from its all-time intraday high of 2,019 on Sept. 19 (all-time closing high 2,011.36 on Sept. 18) down its Oct. 15 low of 1,820.66. The Dow set an intraday all-time high of 17,395 today.
(Newser) - After a 48-day manhunt in the woods of northeast Pennsylvania, Eric Frein ended up being taken away in handcuffs used by the state trooper he's accused of shooting dead in an ambush last month . The fugitive, who was captured near an abandoned airport hangar yesterday, was put in the... More »
(Newser) - Hell hath no fury like a woman scorned—especially one in an arranged marriage in which her husband has rejected her. An Indian bride filed charges in Bangalore this month, claiming that not only was her husband cheating on her, but that he violated a colonial-era law that bans "... More »
(Newser) - Jenny Quiles was 33 weeks pregnant when she was hit by a tow truck as she crossed the street en route to a doctor's appointment on Oct. 15. Roughly two weeks later, the Florida woman emerged from a coma at Bayfront Health St. Petersburg, and on Wednesday, she began... More »
(Newser) - There is a long history of rivalry between Coffee County Central and Tullahoma High School in central Tennessee—pranks in years past have included a toilet placed in the middle of a football field—but authorities say things have gone way too far. A dead bobcat was found hanged from... More »
(Newser) - The latest embarrassment for Google Street View: Google has been fined more than $2,000 after its mapping feature showed an image of a woman's cleavage. A Montreal judge found that Maria Pia Grillo's privacy was invaded in having "part of her breast exposed," Gigaom reports,... More »
(Newser) - In what may be a deeply unfortunate first, three people in a flight simulator died in a plane crash at Wichita's Mid-Continent Airport yesterday. The three died when a twin-engine Beechcraft King Air, whose pilot was also killed, crashed into a flight training center just after takeoff. Around 100... More »