Monday, December 07, 2009
A "Good" Jobs Report......Apparently
Stocks end with gains Friday following a much better than expected jobs report, but did not hold onto to the intraday highs. The Dow gained 22.07 points to end at 10,388.22. The SPX added 5.97 points to close at 1,105.89. We are in the green and looking ok.
The main data last week was always going to be the employment report and the data was much better than expected. Nonfarm payrolls fell by just 11,000 in November with economists looking for a decline of about 100,000 jobs. October’s figure was revised higher to a decline of 111,000 compared with the initial reading of a drop of 190,000. The unemployment rate fell 2-tenths to 10.0 percent with last November’s reading a multi-decade high. Average hourly earnings rose 0.1 percent, double expectations, but below October’s gain of 0.3 percent.
The SPX blasted off in the morning on this news and hit highs of about 1120 but could not hold onto these highs as the day progressed and closed significantly lower.
What is interesting is the SPX did close above 1100 for the week. Maybe there might be another few weeks left in this rally?
Until next time.
The main data last week was always going to be the employment report and the data was much better than expected. Nonfarm payrolls fell by just 11,000 in November with economists looking for a decline of about 100,000 jobs. October’s figure was revised higher to a decline of 111,000 compared with the initial reading of a drop of 190,000. The unemployment rate fell 2-tenths to 10.0 percent with last November’s reading a multi-decade high. Average hourly earnings rose 0.1 percent, double expectations, but below October’s gain of 0.3 percent.
The SPX blasted off in the morning on this news and hit highs of about 1120 but could not hold onto these highs as the day progressed and closed significantly lower.
What is interesting is the SPX did close above 1100 for the week. Maybe there might be another few weeks left in this rally?
Until next time.
# posted by Paul @ 2:51 AM 
