Big gains in the stock market this month has analysts wondering what's in store for the U.S. economy.
Wall Street stocks posted huge gains in October — does this mean the U.S. economy is about to make a big move upwards?
The Dow Jones Industrial Average ended Friday at 17,663.54, down 92.26 points for the day — about a half percentage point drop — but still closing out a huge October, up 8.5 percent for the month, according to an Agence France Presse report.
Other exchanges also dipped Friday by a similar amount, with the S&P 500 declining 0.48 percent — 10.05 points — and the Nasdaq declining 0.40 percent — 20.53 points. They closed at 2,079.36 and 5,053.75, respectively.
But the dip was tiny compared to the massive gains in equity for the stock market overall, and analysts will be eagerly awaiting the latest monthly jobs report, as well as data on other key economic indicators, which are set to be unveiled next week.
Canadian pharmaceutical company Valeant was responsible for much of the dip, as shares fell 15.9 percent after it decided to cut its ties with Philidor RX, which is a mail order pharmacy. There were concerned about its pricing of drugs.
Some other big players included Baidu, China’s version of Google, which was up 10.9 percent. Expedia, the online travel site, moved up 7.3 percent after increasing its third quarter net income to $283.2 million, a 7.6 percent increase.
CVS Health took a beating, diving 4.8 percent. Investors were disappointed with its 2016 outlook.
Meanwhile, U.S. Treasury bond prices were up, although the yield for a 10-year bond dipped from 2..18 to 2.14 percent. The 30 years dipped from 2.96 to 2.93 percent.