Dow climbed 79, advancers over decliners 3-2 & NAZ rose 47. The MLP index rose 2+ to the 265s & the REIT index added 1+ to the 356s. Junk bond 57s funds crawled higher & Treasuries slid lower. Oil bounced back to the 57s & gold lost 3 to 1249.
AMJ (Alerian MLP Index tracking fund
US employers added 228K jobs in NovK, beating expectations for an increase of 200K jobs after several months of hurricane-related volatility from which the economy is still recovering. The unemployment rate remained unchanged at 4.1%, the lowest rate in nearly 17 years & the labor force participation rate also stayed at 62.7% during the month. Average hourly earnings meanwhile increased from $26.53 to $26.55. The jobs numbers come on the heels of a report Wed from payroll processing firm ADP, which revealed that 190K private sector jobs were added in Nov, down from 235K in Oct. According to the report, manufacturing added 40K jobs, the most in the ADP series history, which launched more than 15 years ago. Meanwhile, the construction sector shed 4K. Since the 2016 presidential election, more than 1.77M private sector jobs have been created & the average hourly wages for the private sector has increased by 62¢, or 2.4%.
Stocks climbed after gains in Europe & Asia as the latest jobs report bolstered optimism in the world's largest economy.The S&P 500 rise was led by software makers after hiring increased by more than forecast in Nov & the unemployment rate held at a 17-year low. The $ briefly erased a gain as investors assessed tepid wage growth that missed estimates, then resumed its advance toward its best week since Sep & Treasuries were little changed. The jobs data add to a run of recent news that bolstered optimism in the US economy after the gov averted a shutdown & tax reform negotiations made progress. The positive stock moves will be a welcome reversal for many investors, who earlier in the week booked profits amid an equity rotation & waning risk sentiment. Looking ahead to next week, traders see an interest-rate increase by the Federal Reserve as pretty much a given. In Europe, the £ reversed initial gains as the UK & the EU struck a deal to unlock divorce negotiations, while equities in Europe jumped. Bank shares soared after emerging relatively unscathed from the final batch of Basel III post-crisis capital rules. In Asia, stocks made strong gains after Chinese trade data exceeded estimates & Japan's economic growth figures were revised higher. Emerging-market stocks rallied.
Few people will be more relieved at the long-sought UK-EU deal on Brexit than British Prime Minister Theresa May. Her pre-dawn dash to Brussels to announce the agreement alongside European Commission Pres Jean-Claude Juncker showed how much May needed a Brexit breakthrough to strengthen her tenuous grip on power at home. Anand Menon, director of the UK in a Changing Europe think-tank, said the agreement "reinforces her." "It makes people think 'Yes, she can carry this off,'" he said. Rumors of May's imminent political demise have swirled from the moment she lost her Conservative Party's parliamentary majority in a Jun election that she had called in a bid to strengthen her hand in Britain's divorce negotiations with the EU.
Stocks are bouncing back after a gov shutdown was avoided (for the short time) & there was a little bit of progress on tax reform. But DC is still stuck in the mud & progress today can disappear tomorrow. Uncertainty is riding high. However the bulls are willing to live with it & not taking stocks lower.
Dow Jones Industrials
AMJ (Alerian MLP Index tracking fund
| CL=F | Crude Oil | 57.24 | +0.55 | +1.0% |
| GC=F | Gold | 1,248.60 | -1.20 | -0.1% |
US employers added 228K jobs in NovK, beating expectations for an increase of 200K jobs after several months of hurricane-related volatility from which the economy is still recovering. The unemployment rate remained unchanged at 4.1%, the lowest rate in nearly 17 years & the labor force participation rate also stayed at 62.7% during the month. Average hourly earnings meanwhile increased from $26.53 to $26.55. The jobs numbers come on the heels of a report Wed from payroll processing firm ADP, which revealed that 190K private sector jobs were added in Nov, down from 235K in Oct. According to the report, manufacturing added 40K jobs, the most in the ADP series history, which launched more than 15 years ago. Meanwhile, the construction sector shed 4K. Since the 2016 presidential election, more than 1.77M private sector jobs have been created & the average hourly wages for the private sector has increased by 62¢, or 2.4%.
Jobs jump by 228K, 86th straight month of gains
Stocks climbed after gains in Europe & Asia as the latest jobs report bolstered optimism in the world's largest economy.The S&P 500 rise was led by software makers after hiring increased by more than forecast in Nov & the unemployment rate held at a 17-year low. The $ briefly erased a gain as investors assessed tepid wage growth that missed estimates, then resumed its advance toward its best week since Sep & Treasuries were little changed. The jobs data add to a run of recent news that bolstered optimism in the US economy after the gov averted a shutdown & tax reform negotiations made progress. The positive stock moves will be a welcome reversal for many investors, who earlier in the week booked profits amid an equity rotation & waning risk sentiment. Looking ahead to next week, traders see an interest-rate increase by the Federal Reserve as pretty much a given. In Europe, the £ reversed initial gains as the UK & the EU struck a deal to unlock divorce negotiations, while equities in Europe jumped. Bank shares soared after emerging relatively unscathed from the final batch of Basel III post-crisis capital rules. In Asia, stocks made strong gains after Chinese trade data exceeded estimates & Japan's economic growth figures were revised higher. Emerging-market stocks rallied.
Stocks Rise Globally as Dollar Set for Weekly Gain: Markets Wrap
Few people will be more relieved at the long-sought UK-EU deal on Brexit than British Prime Minister Theresa May. Her pre-dawn dash to Brussels to announce the agreement alongside European Commission Pres Jean-Claude Juncker showed how much May needed a Brexit breakthrough to strengthen her tenuous grip on power at home. Anand Menon, director of the UK in a Changing Europe think-tank, said the agreement "reinforces her." "It makes people think 'Yes, she can carry this off,'" he said. Rumors of May's imminent political demise have swirled from the moment she lost her Conservative Party's parliamentary majority in a Jun election that she had called in a bid to strengthen her hand in Britain's divorce negotiations with the EU.
Brexit deal a much-needed win for UK's embattled Theresa May
Stocks are bouncing back after a gov shutdown was avoided (for the short time) & there was a little bit of progress on tax reform. But DC is still stuck in the mud & progress today can disappear tomorrow. Uncertainty is riding high. However the bulls are willing to live with it & not taking stocks lower.
Dow Jones Industrials
No comments:
Post a Comment