The stock market reaches new highs To Start November

New York, New York – The Stock market reached new highs to start November. Tesla and energy stocks led the gains on Wall Street’s first trading day of November, thanks to a strong earnings season and as investors gear up for the Federal Reserve’s policy meeting and the October jobs report later this week, which will both be released by the end of the week.

As a result, investors will be watching for the Federal Reserve to announce on Wednesday that it will reduce its monthly bond purchase program of $120 billion by $15 billion.

The market also expects an improvement in the US employment situation in the October report, which will be released on Friday.

Exxon Mobil and Chevron Corp. rose as JP Morgan raised its price target on both oil majors following strong quarterly results, while Tesla rallied after it passed the $1 trillion market capitalization mark last week.

Construction Spending data is to be released later this morning and we will be also watching building material manufacturing data. Wednesday releases will include mortgage and ADP payroll data. Thursday and Friday jobs data will also be a valuable tool to detail the trends as benefits have been exhausted and the seasonal qtr change is underway.