Markets Keep Pushing Higher

December 3rd, 2014
in Gary's blogging

Written by

Closing Market Commentary For 03 December 2014

Gary is off , and the market close comes from our syndication partner

An upbeat U.S. service-sector report sent U.S. stocks rising on Wednesday by stoking hopes that a more upbeat economy will bolster top and bottom lines down the road.

At the close of U.S. trading, the Dow 30 rose 0.18%, the S&P 500 index rose 0.38%, while the Nasdaq Composite index rose 0.39%.

The S&P 500 VIX index, which measures the outlook for market volatility, was down 2.72% at 12.50.

Follow up:

The Institute of Supply Management reported earlier said that its non-manufacturing purchasing managers' index rose to 59.3 in November from 57.1 in October.

Analysts had expected the index to inch up to 57.5 in November, and the better-than-expected report kept expectations firm that the U.S. economy continues to recover.

The data came after payroll processor ADP reported that the U.S. private sector created 208,000 jobs in November, falling short of expectations for jobs growth of 223,000 and down from 233,000 in October.

Still, the number topped 200,000, which allayed fears that Friday's official November jobs report may indicate that the labor market may be softening.

Later in the session, the Federal Reserve released is Beige Book that pointed to an expanding economy.

Leading Dow Jones Industrial Average performers included General Electric Company (NYSE:GE), up 1.32%, United Technologies Corporation (NYSE:UTX), up 1.18%, and International Business Machines (NYSE:IBM), up 1.03%.

The Dow Jones Industrial Average's worst performers included American ExpressCompany (NYSE:AXP), down 1.90%, Wal-Mart Stores Inc (NYSE:WMT), down 1.69%, and Coca-Cola Company (NYSE:KO), down 1.67%.

European indices, meanwhile, ended the day largely higher.

After the close of European trade, the Euro Stoxx 50 rose 0.29%, France's CAC 40 rose 0.08%, while Germany's DAX 30 rose 0.38%. Meanwhile, in the U.K. the FTSE 100 fell 0.38%.

On Thursday, the U.S. is to release the weekly report on initial jobless claims.

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