Wall Street's bullish rally seems unstoppable, with another firework display of absolute records, and all of them intraday/close doubles!

This Wednesday evening, we're talking about a quadruple record, from the tightest index, the Dow Jones (+0.69% to 45,014 and 45.061 intraday), the S&P500 (55th with +0.61% at 6,086), the Nasdaq (35th with +1.3% at 19,735, i.e. +31.5% this year), the Wilshire-5000 (57th with +0.68% at 61,422, i.e. +28% this year).
The only one missing is the Russell-2000, which snatches 0.35% at 2,425 and remains within 1% of its highs (and why not tomorrow?).).

The unambiguous and hegemonic 'risk on' on equities may have weighed on the bond market, but in reality, T-Bonds ended with no trend: the '2034' posted +2.3 basis points to 4.223%, and symmetrically, the '2-yr' eased and widened its spread with the '10-yr' (eased -4.1 bps to 4.13%, compared with parity on Monday).

The ADP employment survey confirmed that the private sector created 146,000 jobs in the US in November, slightly below economists' expectations of 158,000. October's figure was revised down from 233,000 to 184,000.

Growth in the US private sector accelerated slightly less in November than initially estimated, according to the composite PMI, which came in at 54.9, compared with a flash estimate of 55.3 and 54.1 for the previous month.

The revised composite PMI, which nonetheless remains at a 31-month high, reflects an expansion in overall activity that continues to be driven by services, while manufacturing output contracts again.

This is in stark contrast to the ISM services index, which thwarted expectations of a slight downturn from 56 to 55: according to this index, growth in the US tertiary sector weakened more than expected, dropping from 56 to 52.1 in November.

Finally, after a 0.2% decline in September compared with the previous month (revised from the initial estimate of -0.5%), US industrial orders rose by 0.2% in October.

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