Stocks Climb on Fed Rate Cut Optimism

The US Nov ADP employment change unexpectedly fell by -32,000, signaling a weaker labor market than expected, with the biggest decline in more than 2.5 years.US MBA mortgage applications fell -1.4% in the week ended November 28, with the purchase mortgage sub-index up +2.5% and the refinancing mortgage sub-index down -4.4%. The average 30-year fixed rate mortgage fell -8 bp to 6.32% from 6.40% in the prior week.AI demand concerns are another negative for stocks after “The Information” news service reported ...