From The Floor: Better than expected private sector employment report has continued to energize the markets this morning extending a record high for the Dow as it eclipses the 14,300 mark for the first time in history.
Mortgage applications in the U.S. jumped by 14.8%, the most in 7 weeks as a drop in borrowing costs spurred home purchases and refinancing’s.
Companies in the private sector added more workers (198,000) than projected in February, indicating the U.S. job market will keep expending this year
U.S. January Factory orders fall - 2.0% weighed down by a slump in demand for military hardware and commercial aircraft.
The Fed’s Beige Book results are out at 2:00 pm
Euro zone GDP contracted 0.6 percent in the fourth quarter, at the same rate as in the previous quarter and in line with economists' expectations. Germany was the only major economy to expand, while France, Italy, and Spain...
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Ahead of the Bell: Dow futures are trading up 49 points and S&P futures are trading up 5 points as the equity markets are poised to move higher, after reaching new all-time highs following the ADP employment report, which showed that 198K jobs were added in February. Investors will assess this report for hints on the likely outcome of Friday's keenly watched non-farm payrolls report, which will provide a good indication on the labor market recovery.
On the economic calendar today, the ADP employment report will be released before the market opens and it is forecasted that 173K jobs were created in February, compared to 192K jobs the month before. Factory orders for January will be released after the market opens and a 2.2% decrease is expected, vs. a 1.8% increase in December.
The dollar is up against the major currencies. Gold is trading at $1,575. Crude oil is currently trading...
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Stocks rallied and ended higher topping a 2007 record, following positive economic news from the ISM non-manufacturing index. Investors were also reacting to the fact that China pledged more government spending to boost economic growth.
On the economic front, sales were weaker at the nation's retailers according to ICSC-Goldman's same-store index which, came in at 1.8%. The report named bad weather and the consumer's cautious mood as the culprits.
Retail sales dropped last week but still were stronger in February than they were in January, based on Redbook whose same-store sales index shows a month-to-month 1.3% gain.
The bulk of the nation's economy is growing strongly and looks to continue to grow strongly. The ISM's non-manufacturing index rose nearly one point to a higher-than-expected level of 56.0.