1) The newly released November jobs report is the best in ten months and blows away expectations as striking GM workers returned to work. The good news confirms the economy remains on a moderate expansion path despite a prolonged manufacturing slump. Even better news is the unemployment rate has falling back to 3.5% damping fears of an up coming recession.
2) The oil cartel OPEC+ (plus) will adjust its output target and redistribute production cuts between its members. Saudi Arabia pressured the decision since they have long carried an outsized share of the burden. The cartel, which pumps more than half the world’s oil, agreed to reduce its output by 500,000 barrels a day. Saudi Arabia is the world’s largest oil exporter and the de facto leader of OPEC.
3) Amazon Business, one unit of the giant Amazon, operating in the business-to-business marketplace, serving a variety of customers from large companies to hospitals, to schools and colleges. Growing faster than their consumer retailing segment, analyst say Amazon Business could be a $31 billion dollar business in four years. Started in 2015, it had over a billion dollars of sales in its first year.
4) Stock market closings for – 6 DEC 19:
Dow 28,015.06 up 337.27
Nasdaq 8,656.53 up 85.83
S&P 500 3,145.91 up 28.48
10 Year Yield: up at 1.84%
Oil: up at $59.07