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Global Market Wrap-Up - December 5, 2012

Wednesday, December 5, 2012
By: 
Mark Hanna
U.S. stocks finished mixed in another choppy session as an early morning selloff was met with buyers - however extreme weakness in Apple (AAPL), its worst loss in 4 years, pressured the NASDAQ. At the close the S&P 500 gained 0.2% while the NASDAQ fell 0.8%. The latter index is heavily influenced by Apple stock. Financials were strong on the day led by Citigroup (C) and Bank of America (BAC) after the former announced plans to cut 11,000 workers.
  • ADP reported that U.S. private sector employers added 118,000 jobs in November. That was slightly worse than expected, and smaller than the gain of 157,000 jobs in the previous month.
  • Factory orders edged up 0.8% in October, the Commerce Department said. That followed a 4.5% jump in September.
  • Productivity in the U.S. in the third quarter was raised to 2.9% from an earlier estimate of 1.9%, while wages fell 1.9%.
  • The Institute for Supply Management said its services index rose to 54.7 last month from 54.2 the month before. The reading topped economists' forecasts for growth of 53.5. A reading above 50 indicates expansion in the sector.
Crude oil fell 0.7% to $87.88, gold dropped 0.1% to $1693.80 while silver added 0.45% to $32.96.

German and French shares gained 0.3% while British shares rallied 0.4%.

China's Shanghai Composite Index jumped 2.9%. Japan's Nikkei added 0.4%.
  • Comments from a meeting of China's new leadership signaled that an accommodative economy policy would remain in place in coming quarters. Additionally, it stressed it would actively promote urbanization, expected to spur infrastructure investments and support Chinese growth.