What a topsy turvy road stocks have been taking of late. The sometimes suspect ADP new jobs reported more than 215,000 new jobs were created in November. As I have been saying of late, this should have sent stocks soaring, but because a good economy could cause and earlier tapering of the $85 billion monthly purchasing of Treasuries and MBS bonds by the FED, stocks sold off sharply. Only when the Beige Book painted a less healthy picture of the economy did stocks recover much of their losses. The Dow was off 24 points on the day.
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Jeff -- So nice to meet you at the meetup yesterday. When I heard the ADP report this morning I certainly expected a better stock day. 'Sometimes suspect'? I agree.
Dec 04, 2013 10:43 AM
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