Stocks: Data may offer welcome diversion

Written By limadu on Rabu, 05 Desember 2012 | 17.42

A trader works on the floor of the New York Stock Exchange on November 28, 2012.

NEW YORK (CNNMoney) -- Economic data may give investors something other than the fiscal cliff to talk about Wednesday as they wait once again for any sign of progress in the negotiations in Washington.

U.S. stocks finished the day slightly in the red as uncertainty over the ongoing political wrangling put investors on edge.

Payroll processor ADP will release its monthly report on private-sector jobs at 8:15 a.m. ET, ahead of Friday's jobs report from the government. Also on Wednesday morning, the Bureau of Labor Statistics will release a revised estimate of third-quarter productivity and the Census Bureau will publish data on factory orders for October.

U.S. stock futures were in positive territory ahead of the open. European and Asian shares were also firmer, helped by comments from China's new leadership on the economy. The Communist Party's politburo said the economy was "stabilizing and positive elements are increasing", and it promised further reforms.

In corporate news, Pandora (P) shares plunged in after-hours trading after the Internet radio service issued a disappointing outlook for sales and earnings. No major corporate results are scheduled for Wednesday morning, but Nasdaq announced late Tuesday that Facebook will be joining its marquee Nasdaq-100 index next week.

Fear & Greed Index

European markets posted solid gains in morning trading, while Asian markets had a banner day, with indices in Shanghai and Hong Kong adding more than 2%. Shares in Ping An were up after HSBC (FTRXX) announced the sale of its stake in the Chinese insurer. To top of page

First Published: December 5, 2012: 4:47 AM ET


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