Two Ways: Stocks Brush Off Bad News
Strengthen your portfolio in good times and bad.
Stocks rose despite the revelation that the private sector shed 742,000 jobs in March. The figure is courtesy of a monthly employment report published by payroll giant ADP and Macroeconomic Advisers. According to the Wall Street Journal, it tops the expected loss by 86.000.
Breaking down the numbers, large businesses with 500 employees or more lost 128,000 jobs; medium-sized businesses lost 330,000 jobs; and small companies with 50 workers or less axed 284,000 jobs. According to
The ADP report differs from the nonfarm payroll data published by the Bureau of Labor Statistics in that it only factors private-sector jobs and excludes government workers. Consensus expectations point to a March loss of 673,000 when the Bureau's report is published Friday.
From the Bull Pen: Tractors have been a hot topic lately. Bulls can consider Deere (DE); a sell stop can be set below $32 in the near term.
From the Bear Cave: Bears can consider a downside play in Metlife (MET). A buy stop can be set above gapfill near $24.
Hump Day is over! I'm off to New Orleans for some crawfish and gumbo. Hope you Minyans finish out the week strong. Have a great night!
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