I have just returned from six days in NYC, thanks to Hurricane Sandy. The apocalyptic storm impacted the markets in a way that the nation hasn’t experienced since the late 1800s.
The Northeast is still reeling from the devastation and will continue to do so for quite some time. The stock market resumed its normal trading schedule Wednesday. In addition to focusing on the aftermath of Sandy, market participants are also dialed in for Friday’s employment report.
Speaking of jobs, the ADP jobs report from Wednesday indicated that 158,000 private sector jobs were added in October – a figure that beat analysts’ estimates. We certainly hope that momentum continues on Friday for the employment report due out from the Bureau of Labor and Statistics.
This will be the last jobs report prior to the election next week and will hopefully be a spring board for continued job growth into 2013.
The October Consumer Confidence report on Thursday followed the jobs lead, increasing to its highest level in four years with a reading of 72.2.
Tuesday’s S&P Case-Shiller Home Price Index also delivered good news, indicating price improvements across the nation, and giving us the seventh consecutive month of home price gains.