Posted on 08/03/2012 3:11:31 PM PDT by lacrew
Stocks surged Friday following on a stronger-than-expected jobs report.
The Dow Jones industrial average closed the day up 217 points, wiping out all its losses for the week.
Employers hired the most workers in five months in July, giving a lift to sentiment. At the same time, a rise in the unemployment rate to 8.3 percent kept alive the possibility that the Federal Reserve could provide additional stimulus to the economy.
"What is more interesting is that we're within 200 to 300 points of recovery highs, which is pretty incredible when you think of all the issues we face."
The ECB indicated on Thursday it may start buying government bonds again to reduce crippling borrowing costs for Spain and Italy, but Draghi indicated that any intervention would not come before September.
Spain inched closer to seeking a sovereign bailout on Friday, but Prime Minister Mariano Rajoy said he needed first to know the conditions as well as the form any European Union rescue would take.
"Most of this rally is on possibility of the euro thing not being over. People who trade are looking at the bond market. Then again, Europe disappoints us on a regular basis. But you can't take your eye off of this," said Stephen Guilfoyle, US economist and trader at Meridian Equity Partners in New York.
The pace of growth in the vast U.S. services sector edged up in July as new orders gained, but a measure of employment fell to its lowest level in nearly a year, according to an industry report released on Friday.
(Excerpt) Read more at marketday.nbcnews.com ...
They surged, I say....back up to Monday's levels.
My head’s gonna ‘splode. Two headlines right next to each other, even on FNC and Drudge. “jobs report great”’ “jobs report sux”.
Make up your minds already!
Thank Allah for Obama!/s
Unemployment climbs, stocks surge.
I believe stocks were up for 2 reasons:
1. The rise in the unemployment rate raises hopes that the FED will institute further easing of rates - ie QE3.
2. Wall Street firms are believing that Obama will get thrown out in November. This will be good for equities.
The subtle trick they are using is the ‘Its not as bad as expected’ ploy.
Its alot like ‘created or saved’ a job.
Or the general ploy that things would have been alot worse, if it weren’t for our Saviour, Choom Gang Barry.
Where’s the volume to say this move means more than a hill of beans?
With logic like that, it can just as easily be concluded that jobs report was bad and that increases Romney’s chances, so stocks surged... MSM is firmly in stuck on stupid territory.
The headline is very misleading, coming from MSNBC this is to be expected. The jobs report was not a strong nor good report. Stocks did not surge because of a strong jobs report.
Here’s the breakdown by company:
http://money.cnn.com/data/dow30/
Some of the companies with the biggest gains today are still down for the year (nowhere to go but up).
Which only means that the revision report will also be the biggest in five months.
The rise is the result of the realization that the rise in the unemployment rate lowers the probability of re election of the criminal tyrant regime
One born every minute
NBC=National Barack Channel.
Let the inflation begin.
“Yep, the stocks just ‘surged’ after that stellar jobs report”
It’s quite possible that this was a Romney Rally. People heard the unemployment number rise to 8.3% and are starting to think Obama is done.
BTW, Reuters reported today that the economy was trying to come out of a”soft patch”. Talk about MSM propaganda.
“Wall Street firms are believing that Obama will get thrown out in November. This will be good for equities.”
This will be good for America. And you are quite possibly right about what’s driving the postive market sentiment.
“Let the inflation begin”
For the record gold = $1603 on Friday August 3, 2012
Didn’t we have a thread yesterday talking about the seasonal adjustment that was going to skew today’s numbers. I believe someone in that threat predicted that Wall Street would jump all over those bogus numbers. A couple of weeks from now the number will be readjusted down again with little or no fanfare. There are lies, damn lies, and then there are statistics. I don’t know exactly when all these bogus employments stats began to be used. Who knows, maybe all of this stuff started with a Republican administration. I don’t particularly care to affix blame. I just want our government officials to stop lying to us. Tell us the truth and let us deal with it now.
Who is msnbc and what do they do? Are they relevant?
Or are they just like Saturday Night Live?
SNL has better writers.
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