As we prepare for the onslaught of earnings season, today’s focus was economic news including a very strong ADP private payroll number which came in at 238,000 new jobs created in December vs. the consensus estimate of 205,000. The expectations for a good number on Friday’s non-farm payroll release have risen due to the ADP number. Later in the day we got the Fed minutes from the Dec. 17th and 18th meeting. As expected the debate about when to begin the tapering process was extensive. Some members of the FOMC did not want to start yet, while others wanted the amount to be a larger amount. In general the view was that the economy is improving.
As for stocks, for the day the Dow Jones Industrial Average was down 68 points to finish the day at 16,462. The S&P 500 was down less than a point to close at 1837. Gold was down $5 to trade at $1224 per ounce, while oil was down $1.09 to trade at $92.58 per barrel WTI.
Well, the first 5 days of January indicator ends up being negative. The bears will be cheering for a bad year. By the way, it’s been right more often than not, but the full January indicator is close to 90% accurate. We’ll keep an eye on that one. Friday brings the big jobs report, so we’ll focus on that as the week winds down.
Our quarterly outlook and review should be available in the next day or two, and of course, clients will receive a printed copy with their Summary Statement.
Have a nice evening everyone.