We had a nice follow through to yesterday’s rally as stocks once again posted nice gains during today’s trading session. Hopes that tensions with Mexico are being dealt with, and also the narrative flowing through the markets that the Fed is poised and ready to lower interest rates has buoyed stocks over the past couple of days.
By the close, the Dow Jones Industrial Average was up 207 points to finish the day at 25,539. The S&P 500 was up 22 points to close at 2,826. Gold was up $5 to trade at $1,334 per ounce, while oil was down $1.76 to trade at $51.72 per barrel WTI.
Today’s ADP private payroll number was a disaster, coming in way lower than expected (27,000 new payrolls in May), but the ISM non-manufacturing (service sector) number came in better than expected. Friday’s non-farm payroll number will now be monitored even more closely with estimates being that 185,000 new jobs were created in May, but that might be wishful thinking if the ADP number is any indicator. The mixed message from today’s data keeps Friday’s jobs report quite a mystery. Stay tuned, we’ll get you through the rest of the week.
Have a nice evening everyone.