Getty Images
A broad and robust relief rally that saw all but one sector finish in the green provided investors with a little respite Wednesday.
Lifting spirits were a pair of economic data points. First: This month's reading of the Empire State Manufacturing Index, which measures general business conditions in New York, nearly doubled, to 34.3 from 18.3 in August, shattering expectations.
Michael Reinking, senior market strategist for the New York Stock Exchange, notes that while the index usually isn't closely watched, being the "the first piece of September economic data the market has had to digest" might have merited the extra attention.
Also on Wednesday, the Federal Reserve released August industrial production numbers that matched estimates, rising 0.4% month-over-month.
Energy stocks (+3.7%), including the likes of EOG Resources (EOG, +8.3%) and Devon Energy (DVN, +7.3%), were by far the best sector performer. They were aided by a 3.1% surge in U.S. crude oil prices, to $72.61 per barrel, as U.S. inventories tightened.
The major indexes all finished with similar returns: The Dow Jones Industrial Average climbed 0.7% to 34,814, the S&P 500 improved 0.9% to 4,480, and the Nasdaq Composite snapped its five-session skid with a 0.8% gain to 15,161.
Sign up for Kiplinger's FREE Investing Weekly e-letter for stock, ETF and mutual fund recommendations, and other investing advice.
Other news in the stock market today:
YCharts
Investors rarely have the luxury of control and certainty.
For instance, let's say you conduct tireless research before you purchase a stock or fund. That should improve your chances of making a smart investment, but every now and again, an exogenous shock – like COVID – rips apart your thesis.
That's why it's vital to make the most of what we do have complete control over.
One such area is costs. That's part of the idea behind our Kip 25 mutual fund and Kip ETF 20 lists – it's good to identify quality investment products, but it's all the better when more of their returns are flowing back into your pockets, thanks to lower fees.
Another thing you can control: your brokerage account.
While the race to zero-commission trading has reduced (and hidden) differences on the fee front, different brokerages still have different approaches to features such as tools, research, investment choices and customer service.
So, what's the right brokerage for you? Check out our latest rankings of the best online brokers, where we delve into the major brokerages' features and drawbacks.
The Kiplinger Washington Editors, Inc., is part of the Dennis Publishing Ltd. Group.
All Contents © 2021, The Kiplinger Washington Editors
Dennis is part of Future Plc, an international media group and leading digital publisher. Visit our corporate site http://futurenet.com/
