News finance today 3/4/14
Let's take a look at the global market highlightsand news for April 3rd 2014.
Data remains positive for the USHome Depot one of the big winners of the day And the ADP report shows a sharp upswing injobs Let's see what's happening in the global marketsnow.
Wall Street climbed higher pushing the S&P500 to another intraday record, after data suggested the economy was slowly buildingmomentum after a winter-related pullback earlier in the year.
Eight of 10 S&P 500 sectors were in positive territory, though gains were limited followinga recent push to new highs.
private employers added 191thousand workers in March, slightlybelow the 195thousand forecast, while gains in the prior month were revised to 178thousandfrom a previously reported 139thousand, signaling that a winter-related impact on job growthearlier this year was easing.
The Dow Jones industrial average rose 14.
59points, or 0.
09 percent, to 16-5-47.
2, the S&P 500 gained 3.
99 points to 18-89.
51, afterhitting an intraday record high of 18-90.
The Nasdaq Composite added 4.
942 points to42-72.
Home Depot is one of the big winners of theday, as shares were up 1.
The move comes after UBS named the home improvement storeone of the top five retailers to buy at this time.
Furthermore, recent housing data indicatesthat home prices in a number of states hit all-time highs in February.
This is an indicationthat the majority of homeowners in those locations are no longer underwater on their residence.
That is a great sign for Home Depot, because customers who are not underwater spend substantiallymore on their home than those who are upside down.
It was a quiet trading session in Europe as market participants positioned for the upcomingECB governing council meeting, which as a result meant that peripheral equity indicesunderperformed.
In the foreign exchange market the dollarreached a high of two months versus the yen on Wednesday as a private report indicatedthat companies in the U.
had boosted their payrolls by the most in 2014 during March,which backed the case for interest rates to be increased by the U.
dollar gained for only the first time in the past four days versus the euroas a prediction has been made by analysts that April 4th data will show that employersin the U.
added jobs during March.
The European Central Bank holds a monetary policy meetingon Thursday afternoon.
Policy makers in the European Central Bank will keep the main refinancingrate the same at 0.
25% on Thursday, which is a record, according to the majority ofeconomists surveyed.
The euro has been weaker by 0.
6% against the dollar since Mario Draghion March 13th said the rate of exchange is increasingly relevant in our assessment ofstability of prices.
In the commodities space despite a fall inAPI inventories, WTI and Brent crude futures traded steady in minor negative territory,with Brent prices weighed on by further reports of blockade ending within days in Libya.
Ofnote, NATO's top military commander said that the situation with Russia's forces on theUkrainian border remains incredibly concerning.
Market participants will get to digest therelease of the latest ADP Employment Change, Factory Orders and the release of the weeklyDoE reports.
Crude oil inventories dropped by 2.
4 million barrels, the Energy Departmentreports on Wednesday.
Gold futures climbed, putting an end to five-straightsessions of losses as traders placed their bets ahead of the monthly U.
jobs reportdue at the end of the week.
Gold rose $10.
80 to settle at $12-90.
Prices had lost about2.
4% in the past five sessions.
This is Amy Anderson from OptionRally signingoff And of course I'm waiting for your LIKE below if you enjoyed today's Market Watch.
Have a great day.