Wall Street hits record highs as economy seen accelerating

U.S. stocks advanced on Thursday, with each of the major U.S. indexes notching record highs, after a batch of economic data suggested the economy was picking up speed.

The ADP private sector employment report showed 253,000 jobs were added in May, well above the 185,000 estimated by economists polled by Reuters.

The report could signal a strong government payrolls report on Friday that includes hiring in both public and private sectors, which would cement expectations for an interest rate hike by the Federal Reserve in two weeks.

"More than anything it is employment data driven, it was such a resounding uptick over expectations," said Paul Springmeyer, investment managing director at the Private Client Reserve at U.S. Bank in Minneapolis, Minnesota.

"It bodes well for the Fed; certainly the numbers are very, very high in terms of the likelihood of that (hike) coming through for June."

Forecasts are for 185,000 nonfarm jobs created in May.

In addition to the ADP data, a separate report showed factory activity ticked up in May.

Hardly "record highs." Just mildly positive, as it has been for the last half decade or so.

Now don't be a pessimist. Try to be positive.

We are going through a dangerous and very destructive period of wild over-politicization of everything. Americans as individuals and as a nation are suffering greatly because of that.

I fight against this, by being ACCURATE.

Stock market indexes are not good for much more than headlines.


In what areas specifically?
Not that great if it's 185,000 jobs at Chili's, less than minimum wage, no benefits, part time temp jobs.
Not that great if it's 185,000 jobs in industries that are primarily dependent on government subsidy, more an indicator of increased government debt and spending.
Not that great if the number is based on a question like "expected to add" a position, but in reality the company doesn't actually add the job.
Not that great if it's 185,000 jobs at swimming pools and amusement parks and the jobs will be lost at the end of the season.
Not that great if you know the basic minimum number of jobs needed to be added simply to accommodate the natural increase in population by virtue of turning 16 or legally immigrating to the country.
Especially not that great if in 2 weeks it's revised downward a significant degree.


Great.
Why did factory activity tick up in May?
Was it solely because something like factory activity plunged to new lows in April due to lack of demand, and companies (having skipped April) now want to increase inventories to slightly under sub normal levels taking advantage of price rebates that were generated by a horrible April?

Is there actual final consumer demand? Or is it retailers and wholesalers playing inventory games?

Did factory activity actually tick up? Or were there a bunch of factory closures and the remaining factories have to slightly increase activity in order to compensate?



Headline numbers don't offer any meaningful information.
It's click bait at best.

Well, it seems some here read the post and don't give much merit to them.
Why do you read them? If they are not up to YOUR approval, post some yourself. Let's see what you got or are you afraid?
Go ahead, post away.

The reports are okay. It's the claims being made about them that I take issue with.

As Ciretom said, the Dow Jones number hasn't been an indicator of economic health of the country since various laws were changed that disconnected it from the rest of the economy back in the 1980's. Before then, when the stocks went up, it was usually true that it signaled improvement for the bulk of the US population. Now it means only that the rich people who are allowed to do a variety of inside trading tricks are getting richer again. In the mean time, we are seeing many retail businesses failing or struggling , such as Sears, Target, Best Buy, HGregg, and so on.

Don't know what you are smoking but the economy is doing good. U unemployment is down... way down.. wages are up.. Businesses are investing.. in America.

Why be a downer??.. it leaves you alone at the Bar B Ques.

bitcoins are flying too

Yeah.. wish I had some... just 100 or so.. but who knew???.. friggin missed that boat!!!

I saw it unfold but thought it was geek s**t.. so I did nothing... mistake

Yea, I missed the Bitcoin Bonanza too.

I said, " Bitcoins? We ain't got no bitcoins, We don't need no stinkin bitcoins"

Where do you get the idea that I'm a "downer?" I'm saying that any claim that the economy is shooting through the roof, is exaggerated. I said specifically that it is POSITIVE.

The eight years we just finished were almost all positive, despite the wails from anti-Democrats, who were apparently smoking whatever you were, that you missed the word "positive" in my post.

401K is liking this

Obama did it.