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Tuesday, December 6, 2022

Stocks rebound on ADP jobs add, oil pops | Fox Business

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The CDC verified the first occurrence of omicron in the United States in California on Wednesday, sending US stockpiles soaring. The Dow Jones Industrial Average dropped 462 points, or 1.3 percent, after gaining more than 300 points earlier. The S&P 500 and the Nasdaq Composite, on the other hand, fell 1.3 percent and 1.8 percent, respectively.

The VIX, or fear index, which gauges volatility, has reached its highest level since March. Several regions highlighted supply chain challenges and delays as possible limiting economic growth, according to the Federal Reserve’s Beige Book, which was released at 2 p.m. ET.

Powell reiterated that any acceleration of the reduction plans would not upset financial markets on the second day of his testimony to Congress. In other economic news, ADP’s National Employment Report for November indicated 534,000 jobs were created, slightly less than the 571,000 generated in October and above economist predictions of 525,000.


Source: https://www.foxbusiness.com/markets/stock-futures-12-1-2021


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