Traders did a bit of bargain hunting today pushing stocks higher, with the Dow up around 150 points. The positive momentum on Wall Street came following a Bloomberg news report that suggested that the U.S. and China may be close to an agreement on rolling back the tariffs that were set to go into effect on the 15th.
In economic news, payroll processor ADP said the private sector added fewer jobs than expected last month. Private sector employment was up 67,000 which was below estimates of 140,000.
Elsewhere, The Institute For Supply Management said that the pace of growth in service sector activity slowed more than expected in November. Shares of Expedia climbed today after the unexpected resignations of the company’s CEO and CFO. Board chairman Barry Dillar said the resignations came amid disagreements with the company’s board. In the oil markets, West Texas Intermediate Crude was up $2.33 to $58.43 a barrel. The gains came ahead of an OPEC meeting later this week where leaders are expected to extend their current production agreement by three months.