December Is Off to a Good Start

The stock market is getting a nice rebound this morning. Yesterday the S&P 500 closed at its lowest level in over a month. As I write this, the S&P 500 is up 1.78%. Energy and Financials are doing particularly well.

Historically, December is one of the best months of the year for stocks. November has been even better. Since 1928, December has been an up month for stocks 74% of the time. That’s the highest of all months. The S&P 500 gained 0.83% in November.

We got the ADP private payrolls report this morning. It showed an increase of 534,000 private jobs. Wall Street had been expecting an increase of 525,000.

Still, the big report is the government’s jobs report which is due out on Friday. Historically, the ADP report has not been a good predictor of the government’s report.

Also this morning, the ISM Manufacturing report came in at 61.1. That’s an increase of 0.3% over October. That’s a good number and it indicates that the factory sector is still expanding.

The construction spending report showed an increase of 0.2%. In the last year, construction spending is up 8.6%.

Posted by on December 1st, 2021 at 11:42 am


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