Daily Market Update 11/3/08

Rates were little changed Monday ahead of tomorrow’s election. In economic news, the Institute for Supply Management’s Manufacturing Index fell to its lowest reading in 26 years last month as factory orders declined sharply in the wake of the deepening credit crisis. Stocks were mixed. Friday’s Unemployment Report will be closely watched by investors, but the main focus of the week will be the results of the Presidential election and various Senate races. Although the market is anticipating an Obama victory, a 60 vote majority by Democrats in the Senate is less clear and would shift power dramatically to the left. The financial markets typically prefer divided government. Regardless of the outcome, many traders will be glad to see an end to the uncertainty that has resulted from the lead up to the election.

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