(As of 7:00 am PST)
US stocks opened higher to
start today’s session, with the S&P500 and Nasdaq looking to snap a five
day losing streak. A better than
expected reading of the ADP employment report had traders optimistic early. According
to the report, private sector employers added 241,000 jobs in December, much
better than expected and accelerating from November’s job gains. Other economic
data showed the US trade deficit shrinking in November to an 11-month low, due
to cheaper oil prices and the lowest amount of oil imports since 1994.
Investors are also gearing up for the release of the latest FOMC minutes which
are due out later this afternoon. The
market will be looking for any hints from the Fed on plans for
future rate hikes. In overseas action,
Asian markets finished the day mostly higher while European indexes are also
higher as low inflation data spurred the notion that the ECB may look to
initiate its quantitative easing program by the end of the month. Gold is lower
while oil prices are inching higher but still below $50 per barrel. Interest rates
are higher as money flowed from bonds into stocks in the early going.
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