The US Stock market endured another day of selling yesterday with the S&P 500 extending its losing streak to 5 straight days. The DOW if off to its worst start to the year since the financial crisis in 2008.
The crude oil price collapse continued yesterday with WTI Crude closing below $48/barrel for the first time since April 2009. Traders are concerned about a weakening economy in Europe, a stronger dollar, and a global supply glut all combining to push oil prices lower.
The payroll company ADP is out this morning with a look at the labor market in December. According to ADP the private sector added 241,000 jobs in December which is a number that is much better than expected by economists. The service sector added the most jobs, and ¾ of those jobs were created by small businesses, those with 50 or fewer employees.
And it looks like we are finally starting to see improving sales at JC Penney. The company said sales increased 3.7% during the holiday season. They also said they expect to hit the high end of their earnings range as they continue to focus on profitable sales growth. Shares of JC Penney are trading over 20% higher on that news.