The ISM Services Index rose to 53%, beating the consensus 51% estimate. Earlier this morning, ADP's National Employment Report showed a 20K decline in private sector jobs, the smallest loss since February 2008. The results were in line with expectations. Meanwhile, Fitch Ratings reported that credit card delinquencies fell in Ja nuary, but charge-offs spiked. Investors are awaiting the Fed's Beige Book, due at 2PM ET.
Greece announced $6.5 billion worth of spending cuts in a new austerity plan aimed at getting its budget back on track. The plan has at least temporarily eased nerves in global markets.
Wednesday, March 3, 2010
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