Stocks appeared set to extend yesterday’s rally, but lost much of their momentum after early economic reports.
ADP reported private sector jobs dropped by 39,000 last month. Economists were calling for a gain of 18,000. A separate report by Challenger, Gray & Christmas showed the number of job cuts planned by employers edged up slightly in September. We will see additional employment data tomorrow and Friday.
In other economic news, U.S. mortgage applications for home purchases rose for the second straight week, while applications for refinancing loans fell for a fifth straight week. Taking both into account, the seasonally adjusted index of mortgage applications fell 0.2% last week.
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