The
mid-September taperless news by the Fed had both positive and negative
connotations. Investors took it to mean that either the U.S. economy is
still too weak to be pulled off life support, or a grim indicator that
Congress might end up bollixing things up.
The
continued strength of the U.S. ISM Manufacturing index, however, sends
out strong signals that industrials are currently at the beginning of a
period of elevated capital spending, as global companies look to spur
reinvestment. Businesses are under pressure to replace or upgrade
machinery that is a bit long in the tooth, after a long period of
dormancy during the recession. Read more: United Technologies
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