U.S. markets rose substantially today after a spate of positive news and forecasts were released. First, the ADP National Employment Report for November was issued and noted that there was an increase of 93,000 private-sector jobs for the month. In addition, the increase of 43,000 noted for October was revised up to 82,000. You can read the entire report here.
Next, the Federal Reserve’s Beige Book announced that there was continued economic improvement across all twelve Federal Reserve districts, although it also mentions that housing markets are still depressed (you can see the full report here).
Also, the Institute for Supply Management stated in the November Report on Business that the manufacturing sector grew in November, although at a slower rate with PMI decreasing slightly to 56.6 percent (see the report here).
Finally, economists for Goldman Sachs (NYSE: GS) raised their 2011 and 2012 growth forecasts to reflect their optimistic attitude about the recovery of the economy. The basis of their optimism, according to an article for Fortune, is that organic growth not influenced by government stimulus or other action, is improving.
As a result, the Dow Jones Industrial Average rose an impressive 249.76 points to 11,255.78. The Nasdaq increased 51.20 points to 2,549.43 and the S&P 500 rose 25.52 points to 1,206.07.
European and Asian markets were all up today, with Germany’s DAX rising 2.66 percent.
Stocks in the news: Lowe’s Companies Inc (NYSE: LOW), AMR Corp (NYSE: AMR).
