The stock market is up modestly this morning, perhaps due to the Republicans capturing two governor’s mansions. It’s not easy to read the market’s mind in political events. Gold is also at another new all-time high.
We’re going to get the important jobs report this Friday. As a preview, ADP (ADP) said that employers cut 203,000 jobs in October. This provides some hope that Friday’s payroll report will not be as bad as some fear. The ADP report is known to be very volatile. I want to see if government is still shedding jobs in the payroll report. We need a sector other than healthcare creating jobs.
Finally, the Federal Reserve is meeting again in Washington. I strongly doubt that they’ll make any changes to interest rates. However, the policy statement may provide some clues as to what the central bankers are thinking. I’ll post the entire statement to the blog once it comes out this afternoon.