April 2nd 2014 – New record for S&P 500

My Market View:

I think given the bounce we have seen in the last 3 days in the market it was expected to be a little sideways today. I was pleased to see it shoot higher towards the close though.

The ADP jobs report came under expectations, however it’s still a lot  higher than some of the reports from previous months, so there is obviously some growth in the jobs market.  Fridays monthly non-farm payrolls jobs number is the really telling one though.

It should be a little rocky tomorrow after 4 up days, but will hopefully rally again on Friday as the bulls are back in control for now.

Market News:

Stocks finished in positive territory for the fourth-consecutive session Wednesday, with the S&P 500 touching a fresh high, as investors digested a batch of economic reports.

On the economic front, U.S. private employers added 191,000 workers in March, according to the ADP National Employment Report. Economists surveyed by Reuters likely showed a gain of 195,000 jobs.

The ADP report came ahead of the monthly government jobs report, due Friday. Economists polled by Reuters expect a gain of 197,000 new jobs in March. The U.S. created 175,000 jobs in February, exceeding expectations.

Also on the economic front, factory orders gained 1.6 percent in February, according to the Commerce Department, logging the biggest gain since last September. Economists polled by Reuters expected a gain of 1.2 percent.

Weekly mortgage applications declined amid lower financing demand, according to the Mortgage Bankers Association.

European markets finished higher as did the Asian markets

THURSDAY: Challenger job-cut report, international trade, jobless claims, PMI services index, ISM non-mfg index, natural gas inventories, Fed balance sheet/money supply, Google Class C shares expected

News Sources:  CNBC and CNN Money