The data this past week was sparse, but the data that was released was generally above expectations, including the:

* Service sector ISM report for September

* Jobless claims for the week ending September 26

* Chain store sales for September

* September trade balance

In addition, we saw a spike in mortgage applications in early October and a better than expected reading on the nation’s trade deficit in September. Financial markets reacted accordingly, with the S&P 500 rising 4.5% in the week, while the yield on the 10 year Treasury note rose nearly 20 basis points, to 3.38%, from under 3.2% a week earlier.

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