Wall Street's bullish rally seems unstoppable, with a new firework display of absolute records, and only intraday/close doubles!

This Wednesday evening, we're talking about a quadruple record, from the tightest index, the Dow Jones (+0.69% to 45,013 and 45.73 intraday), the S&P500 (+0.6% to 6,086), the Nasdaq (+1.3% to 19,735, or +31.5% this year) and the Wilshire-5000 (+0.68% to 61,422, or +28% this year).
The only one missing is the Russell-2000, which climbed 0.35% to 2,425 and remains within 1% of its peaks (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 +2.3pts to 4.223%, symmetrically, the '2-yr' eased and widened its spread with the '10-yr' (eased -4.1pts to 4.13%, compared with parity on Monday).

On Wednesday, investors were subjected to a deluge of 'stats': the ADP employment survey confirmed that the private sector created 146.000 jobs in the US in November, slightly below expectations.
By way of comparison, economists were expecting an average of 158,000 private-sector jobs to be created in the US last month.
The number of jobs created in November was revised downwards, from 233,000 to 184,000.

In addition, growth in the US tertiary sector accelerated slightly less than initially estimated in November, to 54.9, compared with a flash estimate of 55.3 and 54.1 for the previous month.

The revised composite PMI index, which nonetheless remains at a 31-month high, reflects an expansion in overall activity that continues to be driven by services, while manufacturing output is again contracting.
This is in stark contrast to the ISM "services" index, which beat expectations of a slight downturn from 56 to 55: growth in the US service sector dipped more than expected - from 56 to 52.1- in November, according to the results of the Institute for Supply Management's latest monthly survey of purchasing managers.

The activity sub-index dipped to 53.7 from 57.2 the previous month, while the new orders sub-index fell to 53.7 from 57.4 in October.
The component measuring prices paid remained broadly stable at 58.2 from 58.1 the previous month, but the employment sub-index deteriorated to 51.5 from 53 the previous month.

After falling by 0.2% in September compared with the previous month (revised from the initial estimate of -0.5%), US industrial orders rose by 0.2% in October, according to the Commerce Department.
US industrial shipments fell by 0.2% in October compared with the previous month. Lastly, with inventories down 0.1%, the inventory-to-delivery ratio remained unchanged at 1.46 month-on-month.
The '2034' T-Bond posted +2.3pts to 4.223%, while the '2-yr' widened its spread with the '10-yr' (easing -4.1pts to 4.13%, versus parity on Monday).

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