Market's Edge Higher & Wait For Friday's Jobs Report

Thursday, June 3, 2010
Stock Market Commentary:

Stocks closed higher as investors digested a slew of mixed economic data. Volume totals in the US markets were reported mixed compared to Wednesday’s totals; slightly higher on the Nasdaq and lower on the NYSE. Advancers led decliners by a 12-to-7 ratio on the NYSE and by a 17-to-10 ratio on the Nasdaq exchange. There were 28 high-ranked companies from the CANSLIM.net Leaders List that made a new 52-week high and appeared on the CANSLIM.net BreakOuts Page, higher than the 10 issues that appeared on the prior session. New 52-week highs outnumbered new 52-week lows on the NYSE and the Nasdaq exchange.

Economic Data: Jobs & the ISM Service Index:

Thursday’s economic news did little to move the market: retail sales lagged, weekly jobless claims slid, and the ISM service index rose. The Labor Department said jobless claims fell by -10,000 to 453,000 last week and the ADP Employer Services report, based on private-sector payrolls, rose by +55,000 jobs. The ADP reading fell short of the Street’s +70,000 estimate. Before Friday’s opening bell, the Labor Department is slated to released last month’s payrolls report. Economists believe that payrolls rose +523,000 in May which would be the fifth consecutive monthly increase and the largest reading since 1983. Meanwhile, the Institute for Supply Management’s index of non-manufacturing businesses, which currently comprises approximately +90% of the economy, held steady at 55.4 for a third month.  

Market Action- Confirmed Rally:

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