Good ADP Report, Bad Factory Orders

Another quiet morning on Wall Street. The S&P 500 is holding just below its all-time high. Interestingly, IBM has been perking up so far in Q3. The stock gained 2.8% yesterday and it’s up another 1% today.

Tomorrow is the big jobs report but we got a preview today with the ADP report. According to the private payroll firm, the economy added 281,000 private sector jobs last month. That easily beat Wall Street’s estimate of 210,000. I think tomorrow’s report could be a big one.

On the downside, the Commerce Department said that factory orders dropped 0.5% in June. Excluding military stuff, factory orders rose 0.2% last month.

Posted by on July 2nd, 2014 at 10:45 am


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