Stocks End Higher After Data, ECB

U.S. Market
Stocks were higher today after data and assurances from the ECB that its stimulus plan was working.

The U.S private-sector added 201,000 jobs in May according to ADP. This is above the 165,000 jobs added in April and a sign that hiring may be picking up again. The data comes ahead of Friday’s payroll and unemployment rate report.

The trade deficit was 19% lower in April from March levels. Exports rose 1% from the previous month but were down year-over-year as the strong dollar made U.S. goods less attractive abroad. After rising sharply in March after the resolution of the dockworkers strike, imports fell 3.3% in April.

The ISM nonmanufacturing index, which measures the strength of the services sector, fell to 55.7 in May from 57.8 in April. Any reading over 50 indicates an expansion but economists were expecting the index to come in at 57.

The Fed's beige book painted a generally upbeat picture of the U.S. economy saying that the economy expanded in all of the bank's districts from early April to late May.

At market close the S&P 500 was up 0.2%, the Dow rose 0.4% while the Nasdaq was 0.5% higher.

Stocks on the Move
There was limited corporate news today.