Closing Update: Wall Street Recovers From Jobs Report Downer, Ends Higher Friday and Up 3% for Week
-NYSE up 8.1 (0.1%) to 6,958.27.
-DJIA up 17.5 (0.2%) to 10,023.
-S&P 500 up 2.67 (0.3%) to 1,069.
-Nasdaq up 7 (0.3%) to 2,112.
GLOBAL SENTIMENT
Hang Seng up 1.63%
Nikkei up 0.74%
FTSE up 0.31%
UPSIDE MOVERS
(+) GSI beats with Q3 results.
(+) FFBC reports higher income vs year ago.
(+) AMZN gets analyst upgrade.
(+) GE gets analyst upgrade; credit arm extends pact with JCPenney.
(+) PMI narrows loss.
(+) M gets analyst upgrade.
(+) SWKS up on results.
(+) NVDA continues evening gain after earnings beat, higher rev guidance.
(+) SBUX continues evening gain after earnings beat, raised FY guidance.
DOWNSIDE MOVERS
(-) AIG swings to Q3 profit that beats, details Q4 charge and continued volatility.
(-) FNM continues evening decline that followed earnings.
(-) RST down despite Q3 beat.
(-) CROX continues evening decline that followed
MARKET DIRECTION
Stock averages end narrowly higher Friday after a whipsaw session.
All three leading averages record solid 3% weekly gains. A jump for Dow
component General Electric (GE) after an analyst upgrade helped offset
the damage from a weaker-than-expected October jobs report. Travelers
(TRV) and Amazon.com (AMZN) also advanced after an upgrade.
Stocks swung in two directions after a surprisingly weak October
jobs report this morning. Wall Street bulls had been betting on a
still-weak but slightly brighter employment picture, after recent data
hinted at an improved job market, which typically lags the rest of the
economy in a recovery.
However, October's data surprised on the downside. The U.S.
unemployment rate climbed to 10.2%, clearing the 10% mark for the first
time in 26 years.
Nonfarm payrolls dropped by a seasonally adjusted 190,000 in
October, bringing the total number of jobs lost in the recession to 7.3
million. It was the 22nd straight decline in payrolls. Economists
surveyed by MarketWatch were forecasting a rise in the unemployment
rate to 10%, with 150,000 lost payroll jobs.
In September, payrolls fell by a revised 219,000, compared with the
previous estimate of a 263,000 loss.
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