Market Wrap: ADP Positive Into Nonfarm Report; Oil Ramps on Stockpiles, Egypt; Motgage Apps Down
Market wrap for July 3rd
End of the Day: S&P 500 up 1,615.34 to 1.3; Dow Jones up 53.5 to 14,985.86; Nasdaq up 10.3 to 3,443.67
* The ADP National Employment Report abruptly announced a delay in a key provision that mandates companies with 50 or more workers to cover their workers or face a fine of a much as $3,000 per employee. The announcement put focus on names like Humana (NYSE: HUM), Aetna (NYSE: AET), and others.
* EXCO Resources, Inc. (NYSE: XCO) announced that it has entered into definitive agreements to acquire producing and undeveloped oil and gas assets in the Eagle Ford and Haynesville shale formations for an aggregate purchase price of approximately $1 billion, subject to closing adjustments and customary terms and conditions, from subsidiaries of Chesapeake Energy Corporation (NYSE: CHK).
* Crude oil moved higher to above $100 today, from a close of $93.69 on June 21st, as tension in Egypt and larger-than-anticipated stockpile draws bolstered price action. For more color, click here.
* Mortgage applications decreased 11.7 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 28, 2013. The Market Composite Index, a measure of mortgage loan application volume, decreased 11.7 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 12 percent compared with the previous week.
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