The KUIK Market Update for Wednesday, November 30:
Markets are mixed.
Index
Direction
Change
Units
Time
Dow
Up
66
points
19,188
7:59 AM
S&P500
Up
0.2%
percent
2,208
Nasdaq Composite
Down
-0.4%
percent
5,360
30 Year Treasury
Up
10
Basis Points
3.05
Annual Yield
ADP reports that 216,000 net new private sector jobs jobs were added in November. Economists expected only 160,000. October original gain 147,000 was revised down to 119,000. Small businesses added 37,000 jobs, medium businesses added 89,000, and large businesses hired 90,000. The gains were concentrated in services: goods-producing categories like mining and manufacturing were negative. Professional/business services added 68,000 jobs and education/health added 43,000.
Marketwatch reports OPEC has reached an agreement to cut production. In its meeting in Vienna OPEC suspended Indonesia as a member of the cartel with other members getting its output quota and agreed to cut daily production to 32.5 million barrels, with Saudi Arabia taking a “big hit” and Iran allowed to ramp up production to presanction levels. The output deal will be effective in January and will last for six months, but can be extended. January crude is up 7.2% to $48.50 a barrel on the New York Mec.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
