Written by Gary
Closing Market Commentary For 03 December 2014
Gary is off , and the market close comes from our syndication partner Investing.com.
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.
The S&P 500 VIX index, which measures the outlook for market volatility, was down 2.72% at 12.50.
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%.
European indices, meanwhile, ended the day largely higher.
On Thursday, the U.S. is to release the weekly report on initial jobless claims.
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Written by Gary