On Tuesday, China’s National Bureau of statistics posted a 7.3 percent year-over-year quarterly growth rate. This was the lowest level of growth in five years, but slightly better than the 7.2 percent gain economists anticipated.
China’s industrial output rose by 8 percent in September, faster than the 6.9 percent increase in August.
With the price of crude oil attempting to stabilize last week and China’s economic growth better than expected, some investors have been bottom fish energy stocks, lifting prices higher.
Over the past week, the strongest sector has been energy with the Dow Jones U.S. Energy index gaining 7.33 percent over the past five trading days, gaining 3.02 percent on Tuesday alone.
This commentary originally published in the Reno Gazette-Journal. Performance numbers used in this article were obtained through eSignal and are not guaranteed to be accurate. This article was written by Laif Meidell, CMT, president of American Wealth Management, and portfolio manager of the AdvisorShares Meidell Tactical Advantage ETF (MATH).