ONE company adding jobs is Carmine's, a small chain of Italian restaurants based in New York. The chain's parent company, the Alicart Restaurant Group, plans to open a new 670-seat Carmine's in downtown Washington next March, creating about 200 jobs.
Jeff Bank, CEO of Alicart, said Carmine's four existing restaurants have held up well during the recession because they serve huge portions at low prices. That is 'exactly what you want to be right now,' he said.
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Blastoff
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17-Aug-2009 20:22
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Stocks: Brace for a big hitGrowing anxiety about strength of the global recovery could send U.S. markets skidding at the open .NEW YORK (CNNMoney.com) -- U.S. stocks were poised to fall steeply Monday amid growing anxiety about the strength of the global economic recovery. At 7:21 a.m. ET, Dow Jones industrial average, Nasdaq 100 and Standard & Poor's 500 futures were sharply lower. Futures measure current index values against their perceived future performance and offer an indication of how markets may open when trading begins. David Jones, chief market strategist at IG Markets, said that U.S. futures were mimicking the sell-off of European and Asian markets, sparked by a government report showing that the Japanese economy is "recovering, but not at the pace that was expected" and a "less than optimistic outlook for China." "I think the markets were ripe for some type of selloff at these levels," said Jones. In Asia, Hong Kong's Hang Seng index dived nearly 5%, and Tokyo's Nikkei index lost more than 3%. Major markets in Europe were all down about 2% in morning trading. Economy: Concerns about consumer confidence and the jobless rate are likely to keep weighing on investors. |
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Blastoff
Elite |
14-Aug-2009 08:10
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Wall Street at new '09 highsStocks muster gains as optimism in Fed report ultimately trumps weaker retail sales and more jobless claims. The Dow Jones industrial average (INDU) added 37 points, or 0.4%, ending at its highest point since Nov. 4. The S&P 500 (SPX) index rose 7 points, or 0.7%, ending at its highest point since Oct. 6. The Nasdaq composite (COMP) gained 10 points, or 0.5%, ending at its highest point since Oct. 1. Wal-Mart (WMT, Fortune 500)'s better-than-expected earnings report and a spike in financial shares also helped support stocks. Financial shares added to the gains. Bank of America (BAC, Fortune 500), Citigroup (C, Fortune 500), and Wells Fargo (WFC, Fortune 500) all rose along with regional banks such as Fifth Third Bancorp (FITB, Fortune 500) and Regions Financial (RF, Fortune 500). The KBW Bank (BKX) index gained 3.1%. Thursday's jump followed a rally Wednesday after the Federal Reserve held interest rates near historic lows and signaled the economy has finally started to stabilize. Earlier this week, stocks had stalled out as the major gauges struggled to remain above key psychological levels -- 2,000 for the Nasdaq and 1,000 for the S&P 500. But shares managed to close decidedly above those levels Thursday. In bonds, the last of the government's three debt auctions this week -- this time $15 billion in 30-year bonds -- saw strong demand, helping to support the market. Economy: Indications that the global economy could be stabilizing provided investors with some optimism, but that was countered by Thursday's weak readings on consumers. On Thursday, both France and Germany posted GDP growth in the second quarter, surprising economists. In the United States, the Federal Reserve provided a little optimism Wednesday, saying that although economic activity is likely to remain weak, the decline is leveling out and financial market conditions appear to have improved. This seemed to echo recent reports showing the economy is stabilizing. "We're starting to see an improvement and we could see a quarter or so of higher growth on recovering inventories," said Stephen Mahoney, fixed income portfolio manager at Glenmede Investment Management. "But the question is where do we go from here?," he said. "We need to see a few quarters of strong growth, not just one quarter." Future growth could be constrained by consumers, who continue to beef up their savings and avoid spending on non-essentials, as Thursday's retail sales and jobless claims reports made clear. The Commerce Department reported Thursday that business inventories declined for the 10th straight month. Friday brings reports on consumer sentiment, industrial production and capacity utilization -- and consumer prices. The Consumer Price Index (CPI) for July is expected to come in unchanged, as inflationary pressure remains benign. CPI rose 0.7% in June. The so-called Core CPI, which strips out volatile food and energy prices, is expected to have risen 0.1% after rising 0.2% in June. The Labor Department releases the report. Retail sales slip: Retail sales fell 0.1% in July, the Commerce Department reported Thursday. The results were a surprise to economists who were looking for a rise of 0.7%, on average, according to a Briefing.com survey. Sales rose 0.8% in June. Results would have been worse if not for the government's Cash for Clunkers program, which boosted auto sales. Retail sales excluding autos fell 0.6% in July versus forecasts for a rise of 0.1%. Sales without autos rose a revised 0.5% in June. The report is worrisome, as consumer spending fuels two-thirds of gross domestic product growth. So far, low prices and government stimulus have helped the economy stabilize, but without a pickup in spending, any recovery will be moderate at best. In related news, Ford Motor (F, Fortune 500) said it is boosting production for the rest of the year to meet increased demand as a result of Cash for Clunkers. Wal-Mart Stores: The No. 1 retailer reported quarterly earnings Thursday. On the upside, Wal-Mart earned 88 cents per share versus 87 cents a year ago and more than what analysts surveyed by Thomson Reuters expected. Wal-Mart also said that it expects current-quarter earnings in line with analysts' forecasts. But revenue fell more than expected and the company said customers were cutting back. The Dow component also said that sales at stores open a year or more, also known as same-store sales, fell 1.2% in the quarter. Nonetheless, investors focused on the positive and shares gained 2.7% Thursday. Labor market: The number of Americans filing new claims for unemployment rose to 558,000 last week, surprising economists who were expecting jobless claims to drop to 545,000 claims. However, the Labor Department report also showed that continuing claims, which measures people who have been receiving benefits for a week or more, fell to 6,202,000 from 6,343,000 in the previous week. Housing: The housing market remains constrained, according to a new report released Thursday. Foreclosure filings jumped almost 7% in July from the previous month, according to RealtyTrac. Filings rose 32% from a year ago. Bonds: Treasury prices gained, lowering the yield on the benchmark 10-year note to 3.59% from 3.71% Wednesday. Treasury prices and yields move in opposite directions. The government is auctioning $75 billion in debt this week as part of its efforts to reduce the deficit and fuel its recovery efforts. On Thursday, Treasury auctioned $15 billion in 30-year bonds to strong demand. The first two auctions had mixed results. Tuesday's sale of $37 billion in three-year notes saw stronger demand than other recent auctions. Wednesday's auction of $23 billion in 10-year notes showed demand roughly in line with recent levels. Oil and gold: U.S. light crude oil for September delivery rose 36 cents to settle at $70.52 a barrel on the New York Mercantile Exchange. COMEX gold for December delivery rose $4 to settle at $956.50 an ounce. Other markets: In global trading, European markets ended higher, while Asian markets ended lower. In currency trading, the dollar fell versus the euro and the Japanese yen. Market breadth was positive and trading volume was moderate. On the New York Stock Exchange, winners topped losers two to one on volume of 776 million shares. It was the second slowest trading day of the year for the NYSE, eclipsed only by the day before the July 4th holiday. On the Nasdaq, advancers beat decliners seven to six on volume of 2.11 billion shares. |
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solar2008
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13-Aug-2009 21:12
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quite a few disappointing news today
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qwertyuiop00
Veteran |
13-Aug-2009 21:01
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dow futures now only up 39 pts.. |
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aleoleo
Master |
13-Aug-2009 20:48
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yeah ... super rally .... "Friday" wont be the so called "typical selling day" ... it is a super Friday | |||||||||||||||||||||||||||||||||||||||||||||||||||||
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maxcty
Master |
13-Aug-2009 20:09
Yells: "always a learning day for me in trading" |
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super rally on a friday tmr... | |||||||||||||||||||||||||||||||||||||||||||||||||||||
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freeme
Elite |
13-Aug-2009 19:57
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wah.. ya... this is mad.. good for those whom still in the market.
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aleoleo
Master |
13-Aug-2009 19:36
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Look at the DOW future now +110 ... can't imagine tomorrow how crazy will be the market ...... enjoy the ride everybody ..... cheers ..... |
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el7888
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13-Aug-2009 16:21
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US trade deficit edges higher as volumes pick up
WASHINGTON : The US trade deficit widened slightly in June to 27.0 billion dollars as volumes increased for a second consecutive month amid signs of global economic recovery, government data showed on Wednesday. |
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richtan
Supreme |
13-Aug-2009 15:29
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cheongwee
Elite |
13-Aug-2009 13:01
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today, and friday report look ok, initial job claim, will be ok...CPI (fri) maybe, but shd be ok. all point to another profitable week ahead....amay all huat... Thursday Economics: Initial Claims (545k consensus vs. 550k prior) Jul Export Prices (0.8% prior) Jul Import Prices (0.2% prior) Jul Retail Sales (0.7% consensus vs. 0.6% prior) Jul Retail ex-auto (0.1% consensus vs. 0.3% prior) Jun Business Inventories (-0.9% consensus vs. -1.0% prior) Selected earnings: Natural Resources (0.35 expected) Wal-Mart (0.86 expected) TheStreet.com (-0.08 expected) Friday Economics: Jul CPI (0.0% consensus vs. 0.7% prior) Jul Core CPI (0.1% consensus vs. 0.2% prior) Jul Capacity Utilization (68.4% consensus vs. 68.0% prior) Aug Preliminary Michigan Sentiment (69.0 consensus vs. 66 prior) Selected earnings: Abercrombie (-0.06 expected) JC Penney (-0.03 expected) |
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el7888
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13-Aug-2009 12:59
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WASHINGTON - EVEN with most US businesses still reluctant to add new employees, some pockets of hiring are emerging in industries such as accounting, information technology and restaurants, government data show. Still, the percentages of both manufacturing and service-sector companies planning to hire is down from a year ago, the group said. Other surveys indicate that hiring isn't likely to be widespread anytime soon. The Conference Board's employment trends index, released Monday, was flat in July for the third straight month. And it's down 20 per cent from a year ago. Economists caution that businesses will likely be reluctant to add workers until they are sure the economy is recovering. Many analysts expect the US economy will grow in the current July-September quarter, after shrinking for four quarters in a row. But the unemployment rate, which dipped in July to 9.4 per cent, is still expected to rise to 10 per cent by the end of the year. That's partly because more people are expected to rejoin the ranks of job-seekers as the economy recovers and will be counted as unemployed until they find work. A Labor Department report on Wednesday showed that total job openings remained flat in June. The department's Job Openings and Labor Turnover survey reported 2.6 million jobs available, roughly the same as in the previous month. That's down from 3.9 million a year earlier. About 14.7 million Americans were unemployed in June, according to the department. That means nearly six people, on average, were competing for each job opening - compared with fewer than two per opening in December 2007, when the recession began. One bright spot in the job openings report is the leisure and hospitality sector, which includes hotels and restaurants. The industry advertised 304,000 job openings in June, up from 265,000 the previous month, the Labor Department said. -- AP |
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el7888
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13-Aug-2009 12:58
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NEW YORK - THE majority of big banks that do business directly with the Federal Reserve say the recession will end this quarter, and they see only a low risk that the economy will take another turn for the worse. Seventeen out of the 18 dealers in the Fed's exclusive network of primary dealers that responded to a Reuters poll said the economy will see its first quarter of growth since 2007 in the third quarter of 2009. The dealers on average see a 26 per cent likelihood of a so-called 'double-dip' recession, in which an economy plunges back into recession after a brief recovery. Views ranged from a 10 per cent likelihood (Morgan Stanley, Goldman Sachs and RBS) to a 60 per cent likelihood (Mizuho and Cantor Fitzgerald). On Wednesday, the Fed, the US central bank, said the economy was levelling out after a ravaging recession that started in December 2007. But risks remain and the Fed reiterated its pledge to keep interest rates very low for an extended period. In its battle against the worst financial crisis since the Great Depression, the Fed has cut interest rates to near zero and put in place a number of emergency lending programs. Primary dealers don't expect the Fed to raise rates until 2010 at the earliest. Four banks expect the Fed to raise rates in the first half of 2010, seven say the second half of 2010. The Fed also said it will have phased out its US$300 billion (S$433 billion) Treasury purchase program by the end of October. The Fed has bought about 84 per cent of the US$300 billion so far, and reviews on the effectiveness of the program have been mixed. The 10-year note's yield was 3.71 per cent late on Wednesday, up from a five-decade low just above 2 per cent at the end of 2008. A year from now, in the third quarter of 2010, dealers see the benchmark 10-year Treasury note's yield at around 4 per cent, according to the average forecast of the 17 primary dealers who answered that question. This forecast suggests little concern that huge government debt issuance to pay for financial rescues, on course for US$2 trillion this year alone, will ignite a major upsurge of inflation and send Treasury yields spiking higher. The Fed on Wednesday reiterated that it expects inflation to remain subdued for some time. - Reuters |
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chewwl88
Member |
12-Aug-2009 22:55
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Chart View: Still corrective
The STI (2,571) is still in its corrective phase following the negative divergence with quarterly momentum and the subsequent breakdown of the latter. If the market is strong, the correction could take the form of a sideways range. The trend identifying ADX indicator has turned down. The rising 50-day moving average is at 2,406. So far, this has proved to be a good support line. Its rate of ascent has slowed marginally. The intra-day high on Aug 4 was 2,700 and the closing high 2,648. These are resistance levels.
In
the meantime, interest could rotate to other sectors. Commodity stocks
of course are firm. Selected offshore and marine counters and S-chips
too have remained resilient. A couple of interesting stocks include Hong Fok
(62 cents), a property based counter, which broke out from 55 cents
earlier this month. The immediate upside has been met and prices may
ease for a day or two. If they move up again, a bull flag may form.
Major resistance is at 94 cents. Bonvests Holdings
(92 cents) has been retreating after a break above 90 cents this month.
Support is near the 90 cent level and the target is at $1.10. A break
below 89.5 cents would on the other hand be negative. |
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smartrader
Elite |
12-Aug-2009 09:16
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today is for good laggard pennies to catch-up .... | |||||||||||||||||||||||||||||||||||||||||||||||||||||
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Blastoff
Elite |
12-Aug-2009 07:01
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Stocks suffer setbackInfluential financial sector leads the retreat as investors gear up for the latest from the Fed. Big debt auctions in focus too. NEW YORK (CNNMoney.com) -- Stocks slumped Tuesday, with a pummeling in bank shares and jitters ahead of a Federal Reserve announcement giving investors a reason to retreat. The Dow Jones industrial average (INDU) lost 97 points, or 1%. The S&P 500 (SPX) index fell 13 points, or 1.3%. The Nasdaq composite (COMP) dipped 23 points, or 1.1%. Stocks slipped modestly in the first 30 minutes of the session, but lost more steam as new banking sector woes surfaced and after the government said wholesale inventories fell 1.7% in June versus forecasts for a drop of 0.9%. Investors were also focusing on the Fed's 2-day meeting, which concludes Wednesday afternoon with the release of a decision on interest rates and a statement on the economy. "I think there's some apprehension ahead of the Fed," said Ryan Detrick, senior technical strategist at Schaeffer's Investment Research. "We know they're going to leave rates alone, but there's some question about what they'll say." The banking sector retreated after CIT Group (CIT, Fortune 500) delayed its quarterly filing, reviving bankruptcy fears, and several analysts sounded an alarm on the sector. Influential analyst Richard X. Bove of Rochdale Securities said that bank stocks are trading on "fumes" and that investors should take some short-term profits. JPMorgan Chase downgraded bond insurer MBIA (MBI), according to published reports. Ahead of the Fed meeting, the Commerce Department releases the June trade gap. The trade gap is expected to have widened to $28.5 billion from $26 billion in May, a 10-year low. The weekly oil inventories report from the Energy Information Administration is also due in the morning. The July Treasury budget is due in the afternoon. Applied Materials (AMAT, Fortune 500) is likely to be active Wednesday. After the close Tuesday, the chipmaker reported a quarterly loss versus a profit a year ago on weaker revenue. However, the results were better than what analysts were expecting and shares gained 3% in extended-hours trading. Rally takes a rest: Stocks rallied through the end of last week as part of a broader advance that lifted the S&P 500 over 50% off the March lows. But investors have dragged their feet this week as they look for new signs that the economy is stabilizing. This week, the two-day Federal Reserve policy meeting and the Treasury auctions will take center stage. "We don't expect any changes from the Fed," said Tim McCandless, senior equity analyst at Bel Air Investment Advisors. "Eventually they will outline an exit strategy, but not yet." McCandless said that while stocks are lower so far this week, a rally can probably stretch out through the rest of August, before facing bigger challenges in the fall. Fiscal stimulus and "less bad" economic news and profit reports fueled the stock market rally so far. But, longer term, "we need to see a shift from stabilization in the economy and cost cutting driving earnings to real growth," he said. On the move: Stock declines were broad based, with 26 of 30 Dow issues falling. Dow financial issues American Express (AXP, Fortune 500), Bank of America (BAC, Fortune 500), JPMorgan Chase (JPM, Fortune 500) and Travelers Companies (TRV, Fortune 500) all declined. The KBW Bank (BKX) index lost 4.4%. Among other financial sector movers, CIT Group (CIT, Fortune 500) slumped after saying it will delay filing its quarterly report as it continues to try to restructure its debt and avoid filing for bankruptcy protection. IBM (IBM, Fortune 500), Cisco Systems (CSCO, Fortune 500), Chevron (CVX, Fortune 500), Caterpillar (CAT, Fortune 500), Walt Disney (DIS, Fortune 500) and General Electric (GE, Fortune 500) were the Dow's other big decliners. Market breadth was negative. On the New York Stock Exchange, winners beat losers by almost three to two on volume of 1.2 billion shares. On the Nasdaq, advancers topped decliners by over two to one on volume of 1.96 billion shares. Federal Reserve meeting: The Federal Reserve concludes its two-day meeting Wednesday with an announcement expected at around 2:15 p.m. ET. The central bank is expected to hold rates steady at historic lows near zero percent. In its closely scrutinized statement, the bankers are expected to say that economic activity is picking up, but that they remain cautious about the outlook. The bank is not expected to say anything too specific about what its exit strategy may be after putting so much stimulus into the financial system. Economy: U.S. productivity in the second quarter jumped at the fastest pace in six years, the government said Tuesday. Productivity -- which measures how much workers produce per hour worked -- rose 6.4% versus forecasts for a rise of 5.5%. Productivity rose 0.3% in the first quarter. Oil and gold: U.S. light crude oil for September delivery fell $1.15 to settle at $69.45 a barrel on the New York Mercantile Exchange. COMEX gold for December delivery rose 70 cents to settle at $947.60 an ounce. Bonds: Treasury prices rallied, lowering the yield on the benchmark 10-year note to 3.67% from 3.77% late Monday. Treasury prices and yields move in opposite directions. The government is offering $75 billion this week as part of its ongoing efforts to reduce the deficit and fuel its recovery efforts. Investors reacted mildly to the conclusion of the first auction Tuesday. Treasury sold $37 billion in three-year notes and saw stronger demand than in other recent auctions. On Wednesday, the government auction $23 billion in 10-year notes and on Friday it auctions $15 billion in 30-year bonds. Other markets: In global trading, European and Asian markets tumbled. In currency trading, the dollar fell versus the euro and the Japanese yen. |
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el7888
Veteran |
07-Aug-2009 21:19
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US jobless rate falls to 9.4% as job losses narrow
WASHINGTON - The US unemployment rate fell unexpectedly to 9.4 percent in July as job losses in the month narrowed to 247,000, the Labor Department reported Friday. |
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el7888
Veteran |
07-Aug-2009 08:29
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New US jobless claims fall to 550,000 in week
WASHINGTON: New claims for US unemployment benefits fell more sharply than expected in the past week, extending a downward trend since June amid signs the recession is bottoming, government data showed on Thursday. |
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el7888
Veteran |
07-Aug-2009 08:26
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U.S. Markets Wrap: Stocks Drop Led By Health Care; Dollar Rises By Whitney Kisling and Fabio Alves Aug. 6 (Bloomberg) -- U.S. stocks fell for a second day as a JPMorgan Chase & Co. downgrade sent health-care companies lower and concern grew that the market’s recent rally outpaced the economy’s prospects. The dollar rose, while Treasuries and oil were little changed. Cigna Corp. and Amgen Inc. lost 2.6 percent each after JPMorgan cut health stocks to “underweight.” MetroPCS Communications Inc., the provider of prepaid wireless phone services, plunged 29 percent after results trailed analysts’ estimates. Equities also slid before a report tomorrow that’s forecast to show unemployment climbed to the highest since 1983, spurring concern rising joblessness will prolong the recession. “The market’s going through a degree of volatility as we trudge through this earnings season,” said Keith Wirtz, chief investment officer of Fifth Third Asset Management Inc., which oversees $19.8 billion in Cincinnati. “Then with the employment data coming out tomorrow, that’s enough of a reason to sidestep this market.” The Standard & Poor’s 500 Index, which retreated from a nine-month high yesterday, slipped 0.6 percent to 997.07 at 4:05 p.m. in New York. The Dow Jones Industrial Average fell 24.71 points, or 0.3 percent, to 9,256.26. More than two stocks dropped for each that rose on the New York Stock Exchange. Since reaching a 12-year low of 676.53 on March 9, the S&P 500 has rebounded 47 percent, the steepest rally over the same number of days since the Great Depression. “The market has been over-optimistic about a robust recovery,” said David Pearl, who helps oversee $7.8 billion in assets at Epoch Investment Partners in New York. Improving Financial Conditions Financial markets in the U.S. have recovered so much that they are now the healthiest since October 2007, when the S&P 500 set a record high. The Bloomberg U.S. Financial Conditions Index climbed to less than minus 1 on Aug. 3 for the first time since Oct. 31, 2007. It tracks how far bond- and money-market spreads as well as the S&P 500 and Chicago Board Options Exchange Volatility Index stray from the averages from 1994 to June 2008. The U.S. economy’s worst contraction since the Great Depression is abating faster than economists forecast. Gross domestic product shrank at a less-than-projected 1 percent annual rate in the second quarter. The Conference Board’s index of leading economic indicators has risen three straight months, including the 0.7 percent improvement in June that topped estimates. Jobs Report The total number of Americans collecting unemployment insurance rose by 69,000 to 6.31 million in the week ended July 25, the Labor Department said today. Tomorrow’s report will probably show the jobless rate rose to 9.6 percent, the highest in 26 years, economists surveyed by Bloomberg News predict. Health-care shares slid 1 percent as a group and were the biggest drag on the S&P 500 among 10 industries after Thomas Lee, the New York-based equity strategist at JPMorgan, downgraded the industry from “neutral,” saying the companies have less “upside potential to earnings” than other industries. Amgen, the world’s largest biotechnology company, lost 2.6 percent to $60.69, while Gilead Sciences Inc. slid 3 percent to $45.45. The group has fallen 1.7 percent so far this week, compared with a 1 percent gain in the S&P 500. Cigna, a life and health insurance company, declined 2.6 percent to $26.84. Celgene Corp., a global biopharmaceutical company, fell 3 percent to $54.80 after it was cut to “underperform” from “neutral” at Cowen & Co. Technology Shares Technology and telephone shares slid after several companies announced disappointing earnings or forecasts. MetroPCS tumbled 29 percent to $8.99, the steepest drop since the company went public in 2007, after its quarterly profit missed analysts’ estimates by 30 percent, according to Bloomberg data. Verizon Communications Inc. slipped 1 percent to $30.96. Citigroup Inc., the New York-based bank rescued by the U.S. government after a record loss last year, helped lead stocks higher earlier, after the Bank of England said it will pump $84 billion into the economy and held its interest rate at 0.5 percent. Citigroup added 6.2 percent to $3.80 in a fifth straight day of gains. Treasuries were little changed before the jobs report tomorrow and as the U.S. prepared to sell a record $75 billion of notes and bonds next week. The yield on the 10-year note rose two basis points, or 0.02 percentage point, to 3.76 percent at 4:19 p.m. in New York, according to BGCantor Market Data. The 3.125 percent security maturing in May 2019 fell 4/32, or $1.25 per $1,000 face amount, to 94 26/32. The dollar advanced 0.4 percent to $1.4356 per euro, compared with $1.4404. It touched $1.4447 yesterday, the weakest level since Dec. 18. The Dollar Index, which tracks the U.S. currency against six major counterparts, rose 0.6 percent to 78.004. Crude oil futures expiring next month fell 3 cents to settle at $71.94 a barrel on the New York Mercantile Exchange. To contact the reporters on this story: Fabio Alves in New York at falves3@bloomberg.net; Whitney Kisling in New York at wkisling@bloomberg.net. Last Updated: August 6, 2009 17:27 EDT |
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07-Aug-2009 07:16
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Stocks retreat as jobs report loomsMarkets slip as investors bail out of issues that helped lead the recent rally. July employment data weighs on Wall Street.  NEW YORK (CNNMoney.com) -- Stocks dipped Thursday -- ahead of the closely watched July jobs report -- with investors bailing out of tech, financial and commodity shares in a step back from the big rally of the past month.
The Dow Jones industrial average (INDU) lost 25 points, or 0.3%. The S&P 500 (SPX) index fell 5 points, or 0.6%. The Nasdaq composite (COMP) shed 20 points, or 1%. Friday brings the week's biggest economic report, the July jobs report. Employers are expected to have cut 328,000 jobs from their payrolls after slashing 467,000 jobs in the previous month, according to Briefing.com. The unemployment report, generated by a separate survey, is expected to have inched up to 9.6% from 9.5% last month. A worse-than-expected report could cause a big selloff on Wall Street, especially after the recent run up stocks have had. "The June numbers were worse than expected and stocks reacted badly," said Kenny Landgraf, principal and founder at Kenjol Capital Management. "You could see the same thing tomorrow if this report is too far off the estimates." He said that investors know the labor market is a lagging indicator for the economy, but nonetheless, the rising unemployment rate is alarming. Stocks surged in July and touched multi-month highs earlier this week, on relief that the economy and corporate profits seem to be close to stabilizing. But after hitting those levels Tuesday, stocks have slipped, with investors cashing out of some of the big winners during the run. Stocks have been more or less on the rise since the S&P 500 closed at 12-year lows on March 9. Since then, the S&P 500 has gained nearly 48%. The bulk of that advance came through mid-June, before stocks dipped in anticipation of weaker earnings. But a better-than-expected reporting period has recharged the advance. "I think we're preparing for a leg three of the rally, powered by better-than-expected economic reports," said John Merrill, chief investment officer at Tanglewood Wealth Management. He said that the next wave of the advance could take hold now or could be delayed by a small selloff of maybe five percent to seven percent on the S&P 500. "The economy is starting to improve because of inventory restocking, Asian growth and government stimulus, like the Cash for Clunkers program," Merrill said. Cash for Clunkers gives consumers a rebate of up to $4,500 in exchange for trading in a gas guzzler and buying a more fuel-efficient auto. The Senate is expected to approve another $2 billion in funding for the program shortly. Economy: The number of Americans filing new claims for unemployment to 550,000 last week from 588,000 in the previous week. Economists surveyed by Briefing.com thought claims would rise to 580,000, according to Briefing.com forecasts. The report was the latest lead-in to the monthly figures. On Wednesday, the monthly report from payroll-services firm ADP showed that private-sector employers cut 371,000 in July, worse than expected, but the smallest monthly total since October. A tepid batch of July retail sales from the nation's chains, released Thursday, showed the impact of the sluggish labor market. Results: Late Wednesday, tech bellwether Cisco Systems (CSCO, Fortune 500) reported lower revenue that met estimates and lower earnings that topped estimates. Looking forward, the company cut its current-quarter revenue outlook and CEO John Chambers said it was too soon to call a recovery. Shares of the Dow component were little changed Thursday. AIG (AIG, Fortune 500) continued to rise Thursday as investors piled in ahead of its quarterly results, due out Friday. The troubled insurer, 80% owned by the government, has nearly doubled its value this week, despite remaining mired in debt. Other troubled financials rallied too, including mortgage lenders Fannie Mae (FNM, Fortune 500) and Freddie Mac (FRE, Fortune 500), which were taken over by the government last year. The rest of the financial sector was mixed, with Dow component American Express (BAC, Fortune 500) up 3% and JPMorgan Chase (JPM, Fortune 500) down 2.5%. Procter & Gamble (PG, Fortune 500) slumped after the Dow component reported weaker quarterly results Wednesday and warned that it would post lower profit in the current quarter as well. Oil and gold: U.S. light crude oil for September delivery fell 3 cents to settle at $71.94 a barrel on the New York Mercantile Exchange, erasing bigger morning losses. Oil prices have been gaining over the last few weeks on bets that the global economy is close to turning a corner. Big oil stocks slipped, including Dow components Chevron (CVX, Fortune 500) and Exxon Mobil (XOM, Fortune 500). COMEX gold for December delivery fell $3.40 to settle at $962.90 an ounce. Bonds: Treasury prices fell, raising the yield on the benchmark 10-year note to 3.75% from 3.74% late Wednesday. Treasury prices and yields move in opposite directions. Other markets: In global trading, European and Asian markets rallied. In currency trading, the dollar gained versus the euro and the Japanese yen. |
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