US Stocks finished higher Wednesday as data showing strong company job growth in March lifted investors' spirits ahead of the government's jobs report on Friday, while oil prices retreated.
Companies added 201,000 jobs in March, according to Automatic Data Processing's employment change report, which excludes government jobs. Job growth was milder than gains of 210,000 that economists had been expecting, according to Briefing.com. In February, private sector payrolls rose by 208,000.
Still, investors were encouraged by the fact that the average monthly gain in the last four months was 211,000, well above the 74,000 witnessed in the preceding four months.
"It's pretty much been the same [modus operandi] over the last ten days, which is: grinding higher with very little volume," said James Dailey, senior portfolio manager at Team Asset Strategy Fund. "Sellers were basically exhausted, and I haven't seen any buyers coming into the market. Basically, a complete vacuum of sellers has had us trading straight up over the last 10 days."
Dow Jones Industrial Average
(DJI: ^DJI )
| Index Value: | 12,350.61 |
|---|
| Trade Time: | 4:02PM EDT |
|---|
| Change: |  71.60 (0.58%) |
|---|
| Prev Close: | 12,279.01 |
|---|
| Open: | 12,280.07 |
|---|
| Day's Range: | 12,280.07 -12,383.46 |
|---|
| 52wk Range: | 9,596.04 -12,418.00 |
|---|
No comments:
Post a Comment
Please remember...your comment should not contain nudity or vulger language in addition to advertisement of your blog/site or any product ...and should not hurt the readers emotions...if that will be case it will be removed on first review of admin staff... Regards