Jun 5, 2014

Morning Market Report

A shaky day on local markets following the announcement of a rise in the minimum wage.

The market is down 15 points.The Dow Jones was up 15 points at 16,738 — the market opened lower and was down as much as 32 points on weaker economic data before a better ISM number boosted sentiment. Consumer discretionary stocks led the market and the financials, materials and technology sectors were also stronger. Energy and industrials lagged. Volume was lower than average and the market traded in a narrow 46 point range.

US economic data was mixed — the ADP private employment report, often seen as an indicator for the official payrolls data, showed 179,000 jobs were added in the private sector, lower than the 200,000+ expected. The previous month was also revised down from 220,000 to 215,000. The productivity and trade balance were also worse than expected, but the ISM services index rose to a better-than-expected56.3.

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