Mon, May 12 2008
|
|
Published May 02, 2008 04:56 pm - Stronger than expected jobs report, blue chips gain for third week Wall Street ends mixed after initial joy Associated Press Wall Street turned in a mixed performance Friday as investors set aside some initial enthusiasm over a stronger-than-expected jobs report to lock in some of their recent gains. Blue chip stocks logged their third weekly advance in a row as investors grew more confident about the economy's ability to outrun a deep downturn.
Better-than-expected reports on employment and the pace of orders at factories offered the market fresh evidence that the economy might not be in as worrisome a state as many had feared. But a surprise quarterly loss from Sun Microsystems Inc. weighed on the tech-laden Nasdaq composite index. Still, buyers outnumbered sellers after a government employment report showed the nation's employers cut far fewer jobs than expected last month, stirring optimism about the buoyancy of the economy. Nonetheless, after sharp gains Thursday, some investors decided to take some money out of stocks. Dave Rovelli, managing director of U.S. equity trading at Canaccord Adams, said stocks pulled back from the day's highs as investors opted to hold on to gains following a decent run-up. "This is just normal profit-taking," he said, adding: "Sun Microsystem's earnings today didn't help the cause." The employment report Friday came at the end of a critical week for Wall Street. While corporate results dominated in previous weeks, investors this week focused on the Federal Reserve's decision Wednesday to lower interest rates and on reports on the gross domestic product, personal spending and factory orders. The Fed's decision to lower rates by a quarter point to 2 percent and widespread speculation that it will stand pat at future meetings buoyed investors' confidence. The Fed's comments helped shore up an anemic dollar and calmed some fears about inflation. According to preliminary calculations, the Dow Jones industrial average rose 48.20, or 0.37 percent, to 13,058.20 after being up more than 100 points early in the session. 
Click here to load this Caspio Bridge DataPage.
Click here to load this Caspio Bridge DataPage.
More from the Business section
Wall Street quietly rises: gas at record Wall Street retreats on oil price Corn near record price: oil to blame |
Print this story
E-mail this story
Post to del.icio.us
 |
 |
 |
||||||||
|
||||||||
 |
Copyright 2008 The Free Press, 418 South Second Street, Mankato, MN 56001 |
Popular Business directory links - Mankato Apartments | Mankato Attorneys | Mankato Auto Dealers | Mankato Auto Parts | Mankato Auto Repair | Mankato Beauty Salons | Mankato Car Rental | Mankato Dentists | Mankato Doctors | Mankato Flowers | Mankato Hotels | Mankato Insurance | Mankato Loans | Mankato Mortgages | Mankato Movers | Mankato Pizza | Mankato Realtors | Mankato Restaurants | Mankato Storage | Mankato Tax Preparation | Mankato Travel | Mankato Featured | More...
|
|
Community Newspaper Holdings, Inc. • CNHI Classified Advertising Network • CNHI News Service 
|