Investors Ease Back on the Gas Pedal
Investors eased back on the gas pedal on Wednesday, allowing stocks to make slight declines.
Stocks generally made slight declines during Wednesday’s trading session, although the Nasdaq 100 Index managed to accomplish an advance. The better-than-expected ADP National Employment Report failed to spark a rally, as investors remained acutely aware of the fact that the ADP results do not necessarily correlate with the all-important non-farm payrolls report from the Bureau of Labor Statistics. The December non-farm payrolls report will be released on Friday.
The ADP National Employment Report indicated that 238,000 new, private sector payroll jobs had been added during December, beating economists’ expectations that only 205,000 new private sector jobs would be reported.
The Dow Jones Industrial Average (NYSEARCA:DIA) lost 68 points to finish Wednesday’s trading session at 16,462 for a 0.41 percent decline. The S&P 500 (NYSEARCA:SPY) dipped 0.02 percent to finish at 1,837. The Nasdaq 100 (NASDAQ:QQQ) advanced 0.27 percent to finish at 3,567. The Russell 2000 (NYSEARCA:IWM) dipped 0.01 percent to end the day at 1,157.
In other major markets, oil (NYSEARCA:USO) sank 1.25 percent to close at $33.16. On London’s ICE Futures Europe Exchange, March futures for Brent crude oil declined 4 cents (0.04 percent) to $106.95/bbl. (NYSEARCA:BNO). February gold futures declined $4.60 (0.37 percent) to $1,225.00 per ounce (NYSEARCA:GLD).
Transports made it uphill through the snow on Wednesday, as the Dow Jones Transportation Average (NYSEARCA:IYT) climbed 0.45 percent.