Stocks have extended their morning gains on the back of two headlines:
- at 1pm ET, President Barack Obama said he and congressional leaders had "a very constructive meeting" on resolving budget issues,
- then about 2:10pm ET, California's outlook was raised to stable from negative by Standard & Poor's....
These stock-positive announcements come on the heels of the surprisingly strong ADP jobs report this morning, which is causing many to revise their June nonfarm payroll estimates upward — many had estimates of a gain of 80,000-90,000 jobs, now Dow Jones has an estimate of 125,000...Deutsche Bank's Joe Lavorgna raised his estimates to 175,000 from 100,000.
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