Make Money Trading: Jobs Report, Expectations, Profits
The markets continued their recent advance today as the ADP Private Sector Employment Report blew away expectations. According to this report, private sector jobs increased 157,000 last month. On this news, the markets jumped higher. The SPDR S&P 500 ETF (NYSE:SPY) is trading at $135.05, +1.08 (+0.81%). This up day is following two pause days as the market was digesting last weeks 600+ rally in the Dow Jones Industrial Average.
Since the market opened today, things have been sideways. All eyes now have turned towards tomorrows Non Farm Payroll Report and Unemployment Report. Market expectations for Non Farm Payrolls have increased today, after the huge ADP Private Sector Employment number. The market will be looking for 150,000 increase in jobs and an unemployment rate of 9.1%. Should the report yield over 150,000 in new jobs, the markets may see more upside. Below 150,000, the markets may pull back.
Large cap technology stocks continue to lead today, finally accompanied by the banks. Apple Inc. (NASDAQ:AAPL) is up again, trading at $356.78, +5.02 (+1.43%). Amazon.com, Inc. (NASDAQ:AMZN) is making new all time highs again, trading at $217.00, +2.81 (+1.31%) while even JPMorgan Chase & Co. (NYSE:JPM) is having a big day, trading at $41.40, +0.84 (+2.07%).