Breaking News- the trade talks might be going better than we thought yesterday. When we have further details we’ll bring them to you. We now return you to your regularly scheduled program.
That’s right. A quick “talks are going well” comment by the President and stocks regain a good portion of yesterday’s losses. Unfortunately, economic data continues to be soft with today’s ADP private payroll number weaker than expected. Add to that, the ISM non-manufacturing data number, which like the manufacturing number was weaker than expected. So, if we can for a few moments ignore the trade drama, we do see an economy that is showing signs of softening. Now, is this a trend that will continue into next year, or is this more of a culmination of things that happened throughout this year?
By the close, the Dow Jones Industrial Average was up 146 points to finish the day at 27,649 The S&P 500 was up 19 points to close at 3,112. Gold was down $4 to trade at $1,480 per ounce, while oil was up $2.25 to trade at $58.35 per barrel WTI.
We’ll get a look at Factory Orders tomorrow, and then on Friday we’ll get the all-important jobs report. Median forecasts indicate that 180,000 new jobs were created in November. It’s been a headline driven week so far. Let’s see how the next two days play out.
Have a nice evening everyone.