ADP payrolls today rallied to their highest level in 6-months, as the U.S. jobs market seems to have picked up some much needed steam.
With President Joe Biden recently signing off on a historic $1.9 trillion stimulus package, plus a nationwide vaccination program, private employers stepped up their recruiting efforts.
Data released on Wednesday showed that Private payrolls rose by 517,000 jobs In March, after increasing by 176,000 last month.
Today’s figures were slightly below market expectations which had forecasted private payrolls to increase by 550,000 jobs in March.
Now attention turns to this Friday’s Non-farm Payroll, to see if the growth sentiment can carry over.
S&P 500 nears historic record of 4,000 points
The benchmark S&P 500 index rallied to a new record high of Wednesday, leading it to edge even closer, to setting even more milestones.
This comes as it is now a stone’s throw away from breaking through the 4,000 threshold for the first time in history.
Should this occur this week, it will be exactly a year since all major indices across the globe sold off after the first peak of the coronavirus outbreak.
In the U.S. the Dow Jones, NASDAQ all saw huge losses, with the S&P 500 dropping to as low as 2,173 on March 29th.
Ever since, we have seen an onslaught bullish sentiment in the global stock market, with retail traders flocking to invest like never before.
Deliveroo down 30% on IPO debut
After announcing a pre-IPO valuation of over $10 billion yesterday, Deliveroo saw its share price fall considerably on its first day of trading on the FTSE 100.
Shares in the food delivery giant dropped by as much as 30% in today’s trading session, resulting in a loss of around £2 billion in value.
This comes after Deliveroo listed on the lower side of initial expectations, which many came in anticipation of a rocky day of market action.
Having hit a low of 271 pence per share, the stock recovered marginally, but closed the session in the red.
Quote of the day – “Learn to take losses. The most important thing in making money is not letting your losses get out of hand.”– Martin Schwartz
Senior Market Analyst