U.S. stocks traded higher yesterday following a report that a phase-one trade U.S.-China trade deal was still in the works, contrary to what the President said the day before.
Private-sector employment slowed sharply in November, according to payroll processor ADP. Job growth rose 67,000 in the month., the smallest increase since May. The gain was well below forecasts from economists surveyed who expected a gain of 156,000.
The huge service side of the U.S. economy slowed again in November, adding to a slew of evidence pointing to weaker growth toward year end. The Institute for Supply Management’s survey of service-oriented companies such as hospitals, retailers and restaurants fell to 53.9% in November from 54.7%. Numbers over 50% are viewed as positive for the economy, but the index has come down sharply from a 13-year high of 60.8% just a little over a year ago.
Shares of Googles parent company Alphabet rose over 2% after the company announced it’s co-founders Larry Page and Sergey Brin were stepping down from the company and being replaced by Sundar Pichai who’s been at the company since 2004.
With Northwest Quadrant Wealth Management, I'm Tyler Simones.