Stocks Surge With Europe Rebound and Solid Jobs Data
Tweet
Share
E-mail
Stocks started stronger today, helped by a rebound in Europe, and haven't looked back. A better-than-expected employment report and other positive economic emboldened buyers after the initial strength.
At 1PM ET, the Dow is up 250, the Nasdaq is up 57 and the S&P 500 is 20.
Helping the European market and Euro was a report that he U.S. will support an extension of the IMF's European Financial Stability Facility.
Data from ADP showed the private sector jobs rose by 93,000 last month, the largest monthly gain in three years. The report beat the more modest economist expectation of a rise in 70,000. In addition, the rise for October was revised to show an increase of 82,000, compared to the initial report of increase 43,000.
The ADP report comes ahead of the Bureau of Labor Statistics nonfarm payroll data, to be released Friday, which include statistics of government workers. Economists expect a rise of 144,000 jobs in November.
In addition the the employment data, ISM Manufacturing for the month of November came in at 56.6, vs. the economist estimate of 56.5. Construction spending for the month of October was up 0.7%, vs. the Street estimate of down 0.3%. The final reading for nonfarm productivity during Q3 was up 2.3%, vs. the Street estimate of up 2.3%.
At 1PM ET, the Dow is up 250, the Nasdaq is up 57 and the S&P 500 is 20.
Helping the European market and Euro was a report that he U.S. will support an extension of the IMF's European Financial Stability Facility.
Data from ADP showed the private sector jobs rose by 93,000 last month, the largest monthly gain in three years. The report beat the more modest economist expectation of a rise in 70,000. In addition, the rise for October was revised to show an increase of 82,000, compared to the initial report of increase 43,000.
The ADP report comes ahead of the Bureau of Labor Statistics nonfarm payroll data, to be released Friday, which include statistics of government workers. Economists expect a rise of 144,000 jobs in November.
In addition the the employment data, ISM Manufacturing for the month of November came in at 56.6, vs. the economist estimate of 56.5. Construction spending for the month of October was up 0.7%, vs. the Street estimate of down 0.3%. The final reading for nonfarm productivity during Q3 was up 2.3%, vs. the Street estimate of up 2.3%.
Create E-mail Alert Related Categories
Market CheckRelated Entities
ISM Manufacturing, Standard & Poor's, LayoffsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
