This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Stock Futures Signal Further Climb After ADP

NEW YORK ( TheStreet) -- Stock futures were signaling Wednesday a continuation of the previous day's sharp gains as global markets joined the U.S. rally amid a better-than-expected ADP employment report, and ahead of factory orders data and the Federal Reserve's Beige Book release.

The Dow Jones Industrial Average closed at a record high on Tuesday, marking a new peak in a four-year rally that began in March 2009 at the depth of the financial crisis, helped in part by global central bank stimulus and S&P 500 companies largely exceeding earnings and revenue estimates.

"The only place you can find yield right now is the equity markets. So you have a lot of money coming in here chasing this," Keith Bliss, senior vice president of Cuttone, told TheStreet late Tuesday. While Bliss was predicting a further move higher, he also said to bear in mind that "what's interesting about this move is the move Tuesday is being led by traditionally defensive types of stocks. Dividend payers, utilities, stocks you would see when the market is starting to sell off .. so that's the thing that gives a little bit of pause for thought here."

Futures for the Dow Jones Industrial Average were rising 54 points, or 50.23 points above fair value, at 14,287. Futures for the S&P 500 were up 6.75 points, or 5.31 points above fair value, at 1543.75. Futures for the Nasdaq were ahead by 6.5 points, or 6.2 points above fair value, at 2804.75.

Ahead of the nonfarm payrolls report on Friday, the ADP jobs report Wednesday morning showed a decline in private jobs to 198,000 in February, from an upwardly revised 215,000. Economists expected a fall in private-sector jobs to 170,000.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
AEO $16.47 0.00%
SPLS $16.20 0.00%
AAPL $132.54 0.00%
FB $80.54 0.00%
GOOG $540.11 0.00%

Markets

DOW 18,232.02 -53.72 -0.29%
S&P 500 2,126.06 -4.76 -0.22%
NASDAQ 5,089.3620 -1.4320 -0.03%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs