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Morning Market Movers: Stocks Ignore Unemployment Aid Report, Edge Higher

Jan. 10, 2013 10:11am Becket Adams

Here’s what’s shaking:

Stocks:

(Getty Images)

Stocks are opening higher on Wall Street despite the latest report on unemployment claims that shows an increase of 4,000.

The Dow Jones industrial average rose 45 points to 13,436 shortly after the opening bell Thursday.

The Standard & Poor’s 500 index was up six at 1,467 and the Nasdaq composite rose 18 to 3,124.

The Labor Department reported that weekly applications for unemployment benefits edged up. The previous week’s total was revised lower.

Ford rose 2 percent after the company said it would double its quarterly dividend to 10 cents. Ford reinstated its dividend nine months ago after financial difficulties forced it to suspend its dividend five years ago.

Oil:

(Getty Images)

The price of oil rose Thursday to above $94 a barrel, propelled by a rebound in China’s trade growth and an encouraging start to the U.S. corporate earnings season.

By early afternoon in Europe, benchmark crude for February delivery was up $1.04 to $94.14 a barrel in electronic trading on the New York Mercantile Exchange. The contract slipped 5 cents to end at $93.10 per barrel in New York on Wednesday.

Data released Thursday showed China’s export growth in December more than quadrupled from the previous month’s level to 14 percent. Imports rose 6 percent, after failing to grow at all in November, in a sign of increasing domestic demand.

Analysts also pointed to an 8 percent year-on-year rise in China’s imports of crude oil in December and a 6.8 percent increase for all of 2012. The data was a boost for energy prices, since a pickup in economic activity in the world’s second-largest economy could boost demand for oil.

In the U.S., corporate reporting season began with better-than-expected results. That helped lift stock markets and energy prices followed.

Brent crude, used to price international varieties of oil, was up 89 cents to $112.65 a barrel on the ICE Futures exchange in London.

Markets:

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Front page photo courtesy Getty Images

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Comments (10)

Armyduderetired
Posted on January 10, 2013 at 12:05pm
Bush Lied and good men died. Obama lies and we are getting slaughtered like lambs in foreign lands. The only market is the Market of deception designed to control the masses. Thank god and those that gave so much writing and creating the Constitution. Thank him again for the second amendment which might come into play here very quickly. I guess its going to depend on how froggy they get with trying to abolish it. All enemies foreign and domestic. What are you?

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- Walkabout
  Posted on January 10, 2013 at 12:24pm
  - The WMDs are in Syria.
  - Don’t forget all the tons of yellow cake shipped out of Iraq to Canada.
  
  There are different type of chemical weapons. Well like duh! I am not trying to insult you. I am trying to point out that Syria produced & had the production lies for some but not others. So if we find others, then what is the explanation for them being in Syria?
  
  For example Sarin & Tabun. I believe that Assad is known to have Sarin but not Tabun. If we find Tabun in Syria, how did it get there?
  
  Report this comment
- JRook
  Posted on January 10, 2013 at 3:09pm
  “Stocks are opening higher on Wall Street despite the latest report on unemployment claims that shows an increase of 4,000.” Perhaps the real analysts on Wall Street are interpreting more than just a statistic that changed slightly. And perhaps rather than just look for anything you can turn negative against the PRESIDENT, they are projecting an improving economic outlook.
  
  Report this comment
- JRook
  Posted on January 10, 2013 at 3:12pm
  Let’s start with we based on the constitution we don’t belong in foreign lands. Particularly for no other purpose than to feed the military industrial complex. We will never get a handle on the deficit with the wealth of our nation being funneled to large military contractors and the wealthy who benefit from their excess profits. What is worse than men profiting from soldiers and civilians dying.
  
  Report this comment
- Walkabout
  Posted on January 11, 2013 at 3:27pm
  JROOK
  
  What planet do you live on? It can’t be earth. Your body might be here but not your mind.
  
  US Q4 GDP: From 2.5% To Sub 1% in Under Six Months
  Up To 3.5% Of US 2013 GDP Could Evaporate Due To Enacted Tax Hikes
  
  http://www.zerohedge.com/news/2013-01-11/us-q4-gdp-25-sub-1-under-six-months
  http://www.zerohedge.com/news/2013-01-11/35-us-2013-gdp-could-evaporate-due-enacted-tax-hikes
  
  Report this comment
Walkabout
Posted on January 10, 2013 at 10:41am
There is no market.

Parts are broken & other parts are rigged.

It’s Official: It’s A Broken Market And “Hundreds Of Thousands” of Orders Affected

http://www.zerohedge.com/news/2013-01-09/its-official-its-broken-market-and-hundreds-thousands-orders-affected

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Marine25
Posted on January 10, 2013 at 10:22am
Amazing how positive news here at the Blaze is always served with a slice of sour grapes. ‘despite unemployment numbers, market geometrically higher than where Bush left it’.

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- Walkabout
  Posted on January 10, 2013 at 11:27am
  Read ZeroHedge & tell me that it is all BS.
  
  “market geometrically higher than where Bush left it’.”
  
  Bush did not create the Housing bubble. He had a small hand in it but he did not create it. There have been & in the foreseeable future will always be bubbles.
  
  Did you hear about the tulip bubble?
  
  The Housing Bubble created the supposed credit freeze for which we needed TARP to protect the TOO BIG TO FAIL (TBTF) banks who were over leveraged. They should have been allowed to fail like Michelle Bachmann, rush Limbaugh & others said
  
  Rush’s argument was simple. Treasury Secretary said that if twee didn’t pass TARP in 72 hours the world would end. Well it was past about 2 weeks later. So obviously he was wrong.
  
  “The proposal was only three pages long, intentionally short on details to facilitate quick passage by Congress”
  Throughout the week of September 20, 2008, there was contentious wrangling among members of Congress over the terms and scope of the bailout,[29] amplified by continued failures of institutions like Washington Mutual, and the upcoming November 4 national election.
  On September 21, Paulson announced that the original proposal, which would have excluded foreign banks, had been revised to include foreign financial institutions with a presence in the United States. The U.S. administration pressured other countries to set up similar bailout plans.[30]
  
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- Walkabout
  Posted on January 10, 2013 at 11:29am
  On September 23, the plan was presented by Paulson and Bernanke to the Senate Banking Committee, who rejected it as unacceptable.[31]
  On September 24, President Bush addressed the nation on prime time television, describing how serious the financial crisis could become if action was not taken promptly by Congress
  
  The revised HR1424 was received from the Senate by the House, and on October 3, it voted 263-171 to enact the bill into law. Democrats voted 172 to 63 in favor of the legislation, while Republicans voted 108 to 91 against it; overall, 33 Democrats and 24 Republicans who had previously voted against the bill supported it on the second vote.”
  
  ***
  
  So from September 20th to October 3rd we have 13 days. Yet I can remember the news reports that we had 72 hours.
  
  So which is it 72 hours or 13 days?
  
  Report this comment
- Walkabout
  Posted on January 10, 2013 at 11:38am
  The banks should have been allowed to fail. People would have picked up the prices of their real assets. They were over leveraged. The banksters deserved to fail.
  
  If you read thru that the house voted 263 to 171. That is 60% of the house. Over 2/3rd of the senate voted for TARP. It is not unlikely that they could have passed it without Bush’s signature if they would have flipped 30 more Representatives. Flipped them or panicked them. Both McCain & Obama were for it.
  
  ***
  Bush’s fault? did he create the Tech bubble, the Housing bubble, TARP?
  
  I do blame Bush for one thing. He got rolled by Paulsen.
  
  Report this comment

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