The valuations on tech stocks are so high that they've been an issue for a long time. These stocks have an ownership base that is prone to panic.
The news hit the tape as a complete surprise and it blew up because it was unexpected and sort of clumsy.
This will probably be of great satisfaction to the Fed and will convince them that economic growth is on track without worrying them that interest rates are seriously too low.
The third-quarter Employment Cost Index is ... reassuring in the sense that labor costs as measured on this index remain very contained, in contrast to some other labor cost indexes.
Having imports grow as the economy is slowing is telling you that American companies are facing great competitive pressure, especially in capital equipment. It doesn't help American companies because international competition remains very, very strong.
There was a hope that the announcement would bring a clear signal that rate increases would come to end, but there's nothing that even hints that they're any closer.
The outlook on the economy is still subject to great uncertainty, but it's quite clear that there was no stumbling underway when the hurricanes hit.
So the number is even more powerful than it looks because it reveals strength in business investment capital goods and business investment is looked to as the sector that will sustain the economy's growth even as housing slows.