(As of 7:25 am PST)
After three consecutive days of solid gains, US equity
markets are stalled at the unchanged line to start Wednesday. A strong report on private sector job growth
wasn’t enough to lift stocks early.
According to payroll processor, ADP, widespread improvement in the labor
market was seen in March as the private sector added 191,000 new jobs, the
fastest pace in 3 months. Investors
shrugged off the report, as we’ve often seen in the past, choosing to wait
until Friday’s non-farm payrolls report from the Labor Dept. before declaring
good news on the jobs front. Another positive report on factory orders, showed orders for goods produced in US factories rose 1.6% in February, ahead
of expectations. Again, the
report hit the wires with a thud. After
the S&P500 broke through another intraday record Tuesday, markets feel a
bit overheated. February was an
incredible run and March etched gains thanks to a final week surge. The major indexes are slightly higher on the
year, after recovering from January’s “correction”. As we approach the “sell in May, go away”
phenomenon it wouldn’t a surprise to see market volatility begin to pick up.
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