Market getting oversold over the last few days
ECONOMY WATCH: U.S. businesses increased hiring last month in the latest sign that the U.S. economy is on steady footing. The payroll processor ADP reported that companies added 241,000 workers in December, up from 227,000 in November.
ONE VIEW: "It’s a bit of a bounce," said Jeff Kravetz, regional investment director at U.S. Bank Wealth Management. "Some of it is from the ADP report, but it’s also a matter of the market getting oversold over the last few days."
Despite turbulent trading over recent weeks, Kravetz expects 2015 to be another solid year for the stock market.
"We’re telling our clients not to get caught up in this short-term volatility. Look at the fundamentals: the job market, corporate balance sheets, economic growth. They’re very good."
THE FED SPEAKS: Markets didn’t react much to the release of minutes from the Federal Reserve’s December policy meeting. Fed officials discussed various risks to the economy, but concluded that the recent big drop in oil prices was likely to end up boosting growth.
ABROAD: Major markets in Europe also climbed higher for the first time this week. Germany’s DAX closed with a gain of 0.5 percent and France’s CAC-40 rose 0.7 percent. Britain’s FTSE 100 advanced 0.8 percent.