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Market Retains Upward Bias
Mar 10, 5:28 PM EST |
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| Market gained on the back of favorable payroll growth, rise in hourly pay and fall in unemployment rate. |
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| Averages Climbed all-day and stayed higher. Techs, Internet, homebuilders and transportation stocks are trading higher. Apparel retailers reported higher earnings but several stocks traded lower. Ann Taylor jumped up 6% and Quiksilver dropped 4%. Asian markets closed higher followed by strong gains in Europe. |
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Europe Gains on U.S. Data
Mar 10, 1:30 PM EST |
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| Crude oil prices kept trading over $60 a barrel. European gold lost ground. The U.S. dollar gained strength. |
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| European averages started trading lower but later recovered to close sharply up. Stocks were lifted by strong nonfarm payrolls data and takeover talk in the banking sector. Societe Generale climbed 4.8% and Deutsche Bank rose 3.4%. The German DAX 30 surged 1.3%, followed by the French CAC 40, up 1.2%. |
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AIG, GE Lead Dow up 1%
Mar 10, 12:22 PM EST |
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| Google fell $1.56 to $341.44 after the Seattle Post-Intelligencer reported that the company bought a startup company making an online word processor. |
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| Strong monthly employment data boosted stocks Friday morning. The three major averages extended gains with the Dow climbing 1% on support provided by General Motors and AIG. Pfizer was the only declining stock of all Dow components. The tech sector advanced sending the Nasdaq higher with particularly strong help from semiconductor and computer hardware stocks. |
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Insurance, Bank Stocks Rise
Mar 10, 11:28 AM EST |
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| JetBlue Airways Corp. fell 7.5% after Prudential Equity Group lowered its rating on the airline. |
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| The three major avarages gained ground. Banking, insurance and broker stocks stood out as the most notable advancers. Telecom-equipment maker Nortel Networks reported Q4 loss of $2.21 billion and said it will restate past financial statements because of accounting mistakes. The company''s accounting problems have come under federal investigation. |
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Two-Faced Payrolls Data
Mar 10, 10:38 AM EST |
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| Knight Ridder rose 2% on speculations that a group of private equity firms submitted a formal offer for the newspaper publisher. |
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| Stocks opened mixed Friday as better-than-expected payrolls data signaled strong economy, but it also raised concerns about higher interest rates. Honeywell, AIG and Verizon supported the Dow, while the Nasdaq was slightly below the flat line, dragged by weakness in some tech and biotech stocks. |
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Solid Job Growth
Mar 10, 9:35 AM EST |
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| Crude oil hovered over $60 on fears of Nigeria's output disruptions. European gold traded mixed. The dollar gained vs. the yen. |
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| Stock futures pointed to a slightly higher opening on strong monthly employment data, which showed that U.S. economy added 243,000 jobs in February, exceeding expectations of a job growth of 220,000. In earnings news, Ann Taylor stores said it swung to profit in Q4 on sales growth, missing estimates. Kirkland''''s reported Q4 a net income decline to 51 cents a share from 59 cents a year ago and same-store sales drop of 5%. |
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Miners and Bankers Drag Europe
Mar 10, 8:52 AM EST |
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| BAE Systems fell 1.1% in London. Belgian Agfa-Gevaert fell 3.8% after bank KBC said it will sell its 27% stake in Agfa to institutional investors. |
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| European averages traded in the negative at mid-day, reflecting concerns about interest-rates hikes and nervousness ahead of U.S. nonfarm payrolls data. Miners and bank stocks declined, including Anglo American, down 2.1% and ABN Amro, down 0.5%. The German DAX 30 stood out among losers, falling 0.3%. |
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European Shares Lose
Mar 10, 8:36 AM EST |
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| BAE Systems fell 1.1% in London. Belgian Agfa-Gevaert fell 3.8% after bank KBC said it will sell its 27% stake in Agfa to institutional investors. |
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| European averages traded in the negative at mid-day, reflecting concerns about interest-rates hikes and nervousness ahead of U.S. nonfarm payrolls data. Miners and bank stocks declined, including Anglo American, down 2.1% and ABN Amro, down 0.5%. The German DAX 30 stood out among losers, falling 0.3%. |
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Techs Help Kospi Recover
Mar 10, 8:21 AM EST |
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| Among gainers, Honda Motor rose 1.3%, Advantest rose 0.6%, and in the banking sector Mitsubishi UFJ Financial Group also rose 0.6%. |
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| Asian-Pacific benchmarks finished mixed. The Nikkei gained 0.5%, despite lower close on Wall Street and disappointing ecomonic data. Stocks were lifted by optimism in economic growth, following BoJ''s decision. Banking and auto stocks led gainers. South Korean Kospi recovered from recent decline to rise 0.7% on tech stocks rebound. Hong Kong''s Hang Seng fell 0.4%. Indian stocks surged to 1.8%. |
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