(As of 7:20 am PST)
US stocks opened lower today with the Dow Jones and
S&P500 on pace for a fourth consecutive day of losses. A slew of economic data has left investors
scratching their heads. The market
opened to good data on jobs as payroll processor ADP reported 215,000 private
sector jobs were added in November, much higher than the 178,000 expected. Also, a positive report from the Commerce
Dept. showed the nation’s trade deficit fell 5.4% in November. Initial market reaction at the open was
negative as ‘taper fears’ carried over from yesterday and were supported by a
better than expected jobs report. At 10
am EST, another round of data hit the wires which bolstered stocks. Housing data showed new home sales leaping in
October by 25.4%. Also, the ISM
non-manufacturing survey showed activity slowed in November, but still was in
expansionary territory. The housing data
pulled all 3 major indexes back into the green.
Gold and oil are both higher and interest rates ticked up with the 10
yr. treasury yielding 2.84%. It’s
difficult to tell where the momentum is today as investors try to shake out
whether “good news is bad” and what an improving economy means for the stock
market.
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