U.S. stocks rallied after yesterday’s loss with the S&P 500 continuing to gain and closing at yet another record high. ADP (ADP) announced today that the private sector added only 179,000 jobs in May, failing to meet expectations. Many economists were predicting that there would be approximately 215,000 jobs added by the private sector in May. The Fed reported today that the U.S. economy grew in all 12 Federal Reserve bank districts in the past month and a half. The Beige Book noted the improvement over the previous report which only showed 10 regions growing.
Word on the Street
- U.S. economic activity continues at same pace.
- Private sector added only 179k jobs in May.
- McDonald’s (MCD) will support minimum wage hike.
- U.S. Services activity climbed in May.
- Former Skype CEO hired as GoPro’s new President.
- Pinterest begins testing paid ads.
- The Fresh Market (TFM) rises on insider buying.