Market Recap: Markets Close Higher on Jobs Data, Greek Deal
- Posted on March 9, 2012 at 4:25pm by
Becket Adams
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Markets closed up on Wall Street today:
▲ Dow +0.11 percent
▲ S&P +0.36 percent
▲ Nasdaq +0.60 percent
▲ Oil +0.87 percent
▲ Gold 0.92 percent
On the commodities front:
▲ Oil (NYSE:USO) rose to $107.51 a barrel
Precious metals:
▲ Gold (NYSE:GLD) climbing to $1,714.40 an ounce
▲ Silver (NYSE:SLV) rose 1.21 percent to settle at $34.24
(Related: Could We Soon Be Looking At Markedly Lower E-Book Prices?)
Today’s markets were up because:
1) Jobs: The Labor Department’s monthly employment report showed the U.S. economy to have added 227,000 jobs in February. The national unemployment rate remained the same at 8.3 percent, but only because more people have entered and re-entered the job market as prospects, and consequently sentiment, improve.
Nearly a half-million people began looking for work last month, and most found jobs, according to the report, but those who did not were added to the list of the unemployed, which only includes those who are actively seeking employment.
2) CDS: Stocks trimmed early gains with news that credit default swaps — derivative contracts that investors use to insure against default — will be paid out on some Greek bonds. Fortunately the market for default insurance on Greek debt is relatively small, which means the payments are unlikely to disruptive to financial market. Ultimately the ruling was not enough to dampen the mood on Wall Street after Greece successfully restructured its debt, ensuring that it will qualify to receive a bailout needed to avoid default.
3) Companies: Green Mountain Coffee Roasters got a slap in the face when Starbucks announced plans to sell a single-service coffee machine of its own, a rival for GMCR’s Keurig, or K-Cup, machines, which currently dominate the market. Texas Instruments and Carnival shares fell after the two companies lowered revenue forecasts for the current quarter.
[Editor’s note: the above is a cross post that originally appeared on Wall St. Cheat Sheet.]
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chicago76
Posted on March 10, 2012 at 10:06amMore money printing. More jobs created by money printing. Everyone’s happy as long as we can print money and spread it around. That is government redistribution of the wealth. It will last until the countries who can’t just print money and create wealth thru the printing presses, become sick of having every dollar, every Euro, they get worth less than the dollar and euro they got yesterday. America and Europe are really destitute. We are both bankrupt. The only solution is to devalue the currency more and more each year, each day.
Report Post »McNamara
Posted on March 10, 2012 at 8:18amIt’s a farce…Greece is just buying time before the inevetable. The jobs numbers are just someone cooking the books…Oil….well that has always been a sham.
Report Post »chicago76
Posted on March 10, 2012 at 10:13amOh, there are more jobs. All that deficit spending, trillions and trillions, will create some jobs. What happens to those jobs though when the deficit is cut. All those make work jobs disappear, like Solyndra, like the Volt, like any jobs where government picks winners and losers. The dirty little secret is that the government now owns this economy, exactly like it did in Greece. If they cut spending the whole house falls down. They know it, both republicans and democrats know it. We are a socialist economy.
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