3 Dec 2014
US stocks close at records as Fed Beige shows optimism
FXStreet (San Francisco) - Wall Street closed positive on Wednesday as investors welcomed, firstly, the ISM non-manufacturing PMI and the not so bad ADP employment report; and, secondly, a bullish Fed's Beige Book survey that showed economic strength and optimism throughout the country.
The Federal Reserve sees a stronger manufacturing sector with "widespread" gains in the labor market. Economic activity increased in October and November. The release also showed that service and manufacturing sectors "express increasingly widespread optimism about the near-term outlook.
The Dow and the S&P closed at record highs while small caps rose as the Russell 200 showed with a 0.9% increase to 1,179.60. Most sectors finished Wednesday up for the day.
Materials (+1.45%), Industrials (+1.09%) and Energy (+1.05%) sectors were the leaders while Telecommunications (-0.64%), Consumer (-0.48%) and Utilities (-0.11%) were the laggards.
Among others, top winners were $BIIB (+5.92%), $C (+1.53%), $AAPL (+1.36%) and $EA (+5.41%); On the other hand, laggards were $AMZN (-3.01%), PEP (-2.08%), $PTR (-2.69%) and $AXP (-1.90%).
Crude oil traded sideways in a range between 66.80 and 68.20 with a negative close. The gold recovered the 1,200 area after bouncing off 1,194 an closing at 1,210.
All investors are now focused on Thursday's ECB interest rate decision and Friday nonfarm payrolls report. As for today, ISM non Manufacturing index rose to 59.3 in November. Highest since August. The employment component was down to 56.7, while new orders rose to 61.4. BoC rate remained unchanged at 1.0%.
The Federal Reserve sees a stronger manufacturing sector with "widespread" gains in the labor market. Economic activity increased in October and November. The release also showed that service and manufacturing sectors "express increasingly widespread optimism about the near-term outlook.
The Dow and the S&P closed at record highs while small caps rose as the Russell 200 showed with a 0.9% increase to 1,179.60. Most sectors finished Wednesday up for the day.
Materials (+1.45%), Industrials (+1.09%) and Energy (+1.05%) sectors were the leaders while Telecommunications (-0.64%), Consumer (-0.48%) and Utilities (-0.11%) were the laggards.
Among others, top winners were $BIIB (+5.92%), $C (+1.53%), $AAPL (+1.36%) and $EA (+5.41%); On the other hand, laggards were $AMZN (-3.01%), PEP (-2.08%), $PTR (-2.69%) and $AXP (-1.90%).
Crude oil traded sideways in a range between 66.80 and 68.20 with a negative close. The gold recovered the 1,200 area after bouncing off 1,194 an closing at 1,210.
All investors are now focused on Thursday's ECB interest rate decision and Friday nonfarm payrolls report. As for today, ISM non Manufacturing index rose to 59.3 in November. Highest since August. The employment component was down to 56.7, while new orders rose to 61.4. BoC rate remained unchanged at 1.0%.