Stocks were trading higher today after many of the world's most important central banks pledged to provide support for the global financial system. The markets also got a boost from economic data which indicated a surge in job growth.
The private sector added 206,000 jobs in November, on a seasonally adjusted basis, according to the ADP employment report out today.
The hiring was stronger than economists expected, with small business hiring the most workers, adding 110,000 jobs.
Standard and Poor's cut the debt ratings of 37 financial institutions yesterday, after it applied new ratings criteria to the firms.
Bank of America (NYSE:BAC), Citigroup (NYSE:C) and Goldman Sachs (NYSE:GS) were among those that were downgraded.
On the earnings front, men's retailer Jos. A Bank (NASDAQ:JOSB) reported fiscal third quarter earnings that rose 19 percent and beat expectations. However, the company warned that its fourth quarter has been weaker than expected so far.
Bloomberg is reporting that a group of investors led by private equity firm Silver Lake has made an offer of $16.60 per share for a stake in Yahoo. Yahoo is reportedly looking to make a deal to sell a minority stake by the end of the year.
Tomorrow, we'll take a look at the numbers for chain store sales as well as earnings from Barnes and Noble (NYSE:BKS).
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