In case you missed this recent article in CNN Money, I thought it was more than news worthy. As a country of people there is a new found confidence and feeling of excitement coming back into our communities across the nation. For the first time in years I am feeling a sense of positive energy from people. Are we out of the woods completely? No. Are we headed in the right direction? Yes. The momentum is building so let’s keep it going. Enjoy the article.
- photo credit: Sean MacEntee
Stocks pop after ‘monster’ jobs report
By CNNMoney staff @CNNMoneyMarkets February 3, 2012: 9:42 AM ET
NEW YORK (CNNMoney) — U.S. stocks rallied at the open Friday, as investors cheered a much stronger-than-expected report on January job growth. The Dow Jones industrial average (INDU) gained 112 points, or 0.9%, the S&P 500 (SPX) added 13 points, or 1%, and the Nasdaq composite (COMP) increased 28 points, or 1%. The rally was sparked by the Labor Department monthly jobs report, which showed that the U.S. economy added 243,000 jobs in January, far exceeding expectations. The unemployment rate dropped to 8.3%, the lowest since February 2009. Economists surveyed by CNNMoney had expected the Labor Department to report an increase of just 130,000 jobs in January. The unemployment rate was expected to rise to 8.6%. Economists had expected a slowdown in post-holiday hiring, considering that about 40,000 temporary couriers were hired for the holidays alone. The jobs data blew away market expectations,” noted Marc Chandler, global head of currency strategy at Brown Brothers Harriman, calling it a “monster” jobs report. “This coupled with other recent reports for January show the year has begun off on a firm note,” he added. Meanwhile, Investors will also remain on the lookout for an official agreement on a debt-reduction plan, and second bailout for Greece. The deal is expected to come by the end of the week, though deadlines have been missed in the past. Reports are also due Friday on factory orders and the service sector. Also, a slew of corporate results came out on Thursday morning.
World markets: European stocks were higher in afternoon trading. Britain’s FTSE 100 (UKX) rose 1.2% while the DAX (DAX) in Germany jumped 1.3% and France’s CAC 40 (CAC40) rose 0.7%. Asian markets ended mixed. The Shanghai Composite (SHCOMP) rose 0.8%, while the Hang Seng (HSI) in Hong Kong was flat and Japan’s Nikkei (N225) slipped 0.5%. Economy: Factory orders for December are expected to have risen 1.5%, according to a survey of analysts by Briefing.com. The January installment of the ISM Services Index is expected to hit 53.1, up from 52.6 in the month prior. Currencies and commodities: The dollar rose against the euro, the British pound and the Japanese yen. Oil for March delivery rose 65 cents to $97.01 a barrel. Gold futures for April delivery fell $8.20 to $1,751.10 an ounce. Bonds: The price on the benchmark 10-year U.S. Treasury fell, pushing the yield up to 1.92% from 1.82% late Thursday.
