Major U.S. equity indexes were higher for the day and for the week. Today, the Dow gained 64 points, with 19 of 30 components advancing; the S&P 500 Index added 4 points; and the Nasdaq was 19 points higher. Advancers led decliners by more than 9 to 5 on the NYSE and by more than 3 to 2 on the Nasdaq. The prices of 10-year Treasuries weakened while the prices of 30-year Treasuries strengthened. Gold futures fell $4.10 to close at $1,325.20 an ounce. The price of crude oil was unchanged at $49.89 a barrel.

For the week, the Dow gained 2.15%, the S&P 500 added 1.57%, and the Nasdaq was 1.38% higher.

In other business news:

  • Sales at U.S. retailers nationwide dropped 0.2% in August, marking the biggest decline in six months. Economists had forecast no change. Sales for July and June were also weaker than originally reported. August sales at auto dealers sank 1.6%. Stripping out autos, U.S. retail sales rose 0.2%, with the increase largely due to higher gasoline prices. Sales at internet retailers fell 1.1%, the biggest decline since 2014.
  • The Empire State manufacturing survey slipped to 24.4 in September from 25.2 in August. Economists had expected activity to pull back to a 19 reading, according to a survey. Readings above zero in this survey, conducted by the Federal Reserve Bank of New York, indicate improving conditions. The new orders index rose 4.3 points to 24.9 in September and the shipments index rose 3.8 points to 16.2. The unfilled orders index jumped 13.6 points to 8.9.
  • The Federal Reserve reported that industrial production plunged in August mainly due to disruptions from Hurricane Harvey. Output sank 0.9% last month, the first decline in production in seven months. Economists had forecast a flat reading in August. The manufacturing industries with the largest estimated storm-related effects were petroleum refining, organic chemicals, and plastics materials and resins, the central bank said.
  • The University of Michigan consumer-sentiment index fell to 95.3 from 96.8 in August. Economists expected a reading of 94.5. Without prompting, survey respondents mentioned concerns that Harvey, Irma, or both, would have a negative impact on the overall economy.

*****

When Daily Advantage began in the early 2000s, receiving an email was still a novel event (“Wow, an e-mail of my very own!”). Fast forward to today: the art of e-mail inbox-clearing has reached Olympic sport-level credibility (“1,000 e-mails of my very own? Bring it.”). The digital landscape has changed a lot since the dial-up days, with Google and blogging taking center stage, then Twitter and Facebook, followed by paranoia about Facebook, and now a return to artisanal content like e-mail-delivered news and blog roundups, which are reemerging with retro fury.

And through it all, Daily Advantage chugged along, made possible by tens of thousands of subscribers whom we hold near and dear, and who’ve stayed with us for years. It’s with mixed emotions that I’m here to report that the chugging is almost at its end. We’ve had to re-contextualize our deployable assets vis-à-vis customer-facing units of brand-moving content, is what I would say if I were speaking in jargon. But since regular readers know how I feel about jargon, I’ll instead say that we had to ask ourselves a few tough questions: What sort of information is most valuable to our readers and investors, and what sort of information can we best provide? We have many ideas along those lines, but one thing we knew already: The news summaries and commentary in our beloved Daily Advantage e-mails were unique in the early days of the internet, but they’re now readily available to anyone with an internet connection. And so we’ve made the bittersweet decision to end Daily Advantage. The last newsletter will hit inboxes on Monday, with a look at how far the world has come since the first issue was published on May 31, 2001 (my suggestion that the final edition be suitable for framing has so far been met with awkward silence, but I’m holding out hope).

We still firmly believe in the need for straight-shooting, non-hyping talk about the markets and the power of a little bit of humor to help everyone (especially ourselves) keep things in a proper context. And let’s face it, somedays the humor (or our ham-fisted attempts at it), help balance out the scale. We’ve got other things in mind along those lines, and we’ll let you know when they surface if you’re interested. We’ll also keep regularly publishing interesting investment-related material on our blog, Twitter, and LinkedIn accounts.

We’d like to thank all the people who made Daily Advantage possible these many years, starting with its founding editor, Peter Nulty. Then there are the many writers who’ve filed copy, the copy editors, the compliance reviewers, the social media team who carried Daily Advantage out of the world of email, the email team that formatted text, helped us triple-check our work, and hit the “send” button so I wouldn’t have to, thus taking on the cringe-inducing burden anyone feels when they’re about to hit “send” on an email going to a large number of people.

But above all, we’d like to thank our many subscribers who’ve followed us over the years, writing in to share their thoughts about the news or continuing a riff begun in that day’s column. We’ll still be available at fundservice@wellsfargo.com, so we’d love to keep hearing your thoughts and ideas about what’s most relevant to you. As we keep branching out into new arenas (All Snapchat, all the time? Autonomous drone delivery of printed material? Daily Advantage: the Virtual Reality Edition?), we hope you’ll give it a look.

In the meantime, Daily Advantage will head to that place all newsletters go when they retire, a quiet farm in the country with no internet, no news, no place to be except right where they are, and with no deadlines, they’re always on time.

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13 thoughts on “Daily Advantage to ride off into the sunset

  1. This has been the best thing in my inbox for several years. I will miss the good information and the great laughs to end each day. Thank you for all of your great work!

  2. I understand that changes occur, but I don’t always agree that all change is good. Since the decision has been made to terminate the Daily Advantage, where will we be able to find a quick summary of the major economic news/reports every day? Will there be a daily blog with that information anywhere on your website? I know I can retrieve the information directly from the sources, but getting that information myself will require more time than I have each day (hence, the reason I so thoroughly appreciate Daily Advantage!). And where will we be able to find the piece that brings a smile beyond just reading the business news of the day?
    I personally will sorely miss the Daily Advantage!

  3. I am so sad to lose this valuable service. I learned from you, but most of all you brought humor to a sometimes less than satisfying workday.
    Thank you so much for sharing your incites with us for so many years.
    You will be sorely missed.

  4. I have subscribed since the very beginning and frequently contacted Peter Nulty. I will greatly miss this daily information that has been informative in a concise manner, which is my style. Please reconcider.

  5. I will terribly miss the Daily Advantage. It always provided me my daily dose of market updates with Humor. I am really sad that you decided to end it.

  6. I hope that this announcement is fake news! The Daily Advantage was, on many occasions, the only email I looked forward to reading. And while I do indeed seek financial information from other sources throughout the day, nobody organized the information as succintly, nor delivered with as much wit and humor, as this team. The name accurately reflects its place in my life, and I will sorely miss having the Daily Advantage.

  7. I too am sad to say adieu to the Daily Advantage. I have been a subscriber since the first email, I will miss the succinct news reporting and maybe mostly the humor. I hope you will continue to provide something similar.

  8. Boo Hiss! So sad to see this go. I have read it on and off for what feels like my whole adult life. I will miss the wit and humor and found the personality of the organization one I could connect with due to that. I’m sure that leadership will redeploy the writers to do much more important things like boring writing of prospectuses instead of delivering this gem daily. What a disappointment. Thanks for the laughs all these years.

  9. I echo the comments, really too bad; The Daily advantage summed up the day, and yes information is out there in the internet, your service was unique aggregation of information and will be greatly missed,
    too bad Wells Fargo did not see the benefits to their client base anymore
    Thanks for the many years of well delivered information

  10. Yes, all the info you report is out there. In many, many places. But that’s the point. Today, what is just as valuable as the data is aggregating it. And that’s what you’ve done so well.

    Perhaps you want to rebrand it. But do consider doing something. And when you do, send an old-fashioned email to all of us to let us know where to find it.

  11. Thank you so much for all the information you provided over the years. I looked forward to having at least one laugh every day when I saw the Daily Advantage in my Inbox. I will miss it:(

  12. I am deeply sad that you have terminated the Daily Advantage. It is one of the items in my inbox I am looking forward to reading financial recaps and fun facts. Perhaps you will have something available from your team and please send out the information. Thank you all for the good work.

Comments are closed.

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