Friends
There was a lot going on for a half day of trading. On the economic front, the ADP private sector job number came in at 188,000 new jobs having been created last month which would indicate that Friday’s non-farm payroll number should come in at about 175,000 new jobs created for June. The weekly jobless claims number was not bad, but the ISM non-manufacturing number was a little weaker than expected. In addition to the domestic economic data, we have the mess in Egypt along with global concerns in Portugal, Brazil and Greece.
Stocks got off to a rocky start, but by late morning the major averages found themselves in positive territory. By the close, the Dow Jones Industrial Average was up 55 points to finish the day at 14,987. The S&P 500 was up 1 point to close at 1615. Gold was up $3 to trade at $1247 per ounce, while oil was up $1.67 to trade at $101.28 per barrel WTI.
I wouldn’t read too much into today’s shortened trading session. Friday’s job number will force even vacationing traders to pay attention. Then of course, we begin earnings season next week. Between global unrest, domestic economic news and earnings season, traders should have a lot to chew on for the next couple of weeks. We’ll keep you informed.
Have a great 4th of July holiday everyone. We’ll talk to you on Friday.
