Dow is up 17, decliners barely ahead of advancers & NAZ fell a big 25. There is selling in bank stocks. After gyrations in recent days, the Financial Index is where is was 2 weeks ago.
The MLP & REIT indices each slipped 1+, nothing significant, while junk bond funds were little changed at their lower levels. Treasuries sold off on the jobs report, taking the yield on the 10 year Treasury back over 2%. Oil increased for a 3rd day after a larger-than-forecast US employment growth eased concern that the economy is slowing. Gold continues to waffle in the mid 1600s.
Get the latest daily market update below:
Photo: Bloomberg
US employers added more workers than forecast in Sep & job gains were revised up in the prior 2 months. Payrolls climbed 103K after a revised 57K increase in Aug according to the Labor Dept. It beat the forecast for a rise of 60K. The gain reflected the return to work of 45K Verizon (VZ) employees. But the jobless rate held at 9.1% while hours & earnings for workers increased. Revisions to previous reports added 99K jobs to payrolls in Jul & Aug. The report could have been a lot worse, but the economy needs to see a lot better before the high unemployment rate comes down in a meanigful way.
U.S. Payrolls Rise More-Than-Expected 103,000; Jobless Rate Stays at 9.1%
Germany & Greece signed an agreement to boost investment in the debt-drowned country & getting its economy growing again. German Economy Minister Roesler & Greek Development Ministe Chrisohoidis said the agreement was part of a strategy to help Greece deal with its crisis by helping its real economy rebound. "We believe that Greece can become a very important investment destination," said Roesler, who is on a 2-day visit to Greece with a delegation of dozens of German businessmen. "We're sending out the message that we can implement those things that we have decided on." Roesler said deals worth €2.5B ($3.36B) have already been made creating 50 new jobs in Greece, adding that there was additional German interest in investing in major infrastructure projects worth €1.5B. The German official said the agreement clears hurdles aimed to impart a "sense of security" to businessmen seeking to invest in the country. The German Development Bank is ready to lend its expertise for the creation of a similar development bank in Greece to support small & mid-size businesses. Germany would also help Greece absorb European Union support funds geared towards boosting the Greek economy's competiveness. Roesler said he would convey the message to other EU partners that Greece offers good investment opportunities & that an investment in Greece would translate into an investment in Europe. This optimism (putting your money where your mouth is) is what Greece needs to get its economy growing again.
Germany, Greece sign agreement to boost investment AP
On first blush, the jobs report sounded good & stocks rose. The data was ahead of expectations & numbers from the prior 2 months were raised. After reflection, the data doesn't look so good. Much of the favorable variance was from striking VZ workers returning to work. The economy needs numbers above 200K & they are a long way away. Germany's commitment to invest in Greece represents a first step in providing aid to Greece, but it must be followed thru with more investment & acceptance by Greece of austerity measures. After a bad start, Dow is up 150 this week (& month). Next week earnings season begins with Alcoa (AA), a Dow stock, on Tues after the market close.
S&P 500 Financials Sector Index
| Value | 162.23 | |
| Change | -2.91 (-1.8%) |
The MLP & REIT indices each slipped 1+, nothing significant, while junk bond funds were little changed at their lower levels. Treasuries sold off on the jobs report, taking the yield on the 10 year Treasury back over 2%. Oil increased for a 3rd day after a larger-than-forecast US employment growth eased concern that the economy is slowing. Gold continues to waffle in the mid 1600s.
ALERIAN MLP Index (^AMZ)
DJ REIT INDEXDJR (^DJR)
Treasury yields:
U.S. 3-month | 0.005% | |
U.S. 2-year | 0.276% | |
U.S. 10-year | 2.077% |
| CLX11.NYM | ....Crude Oil Nov 11 | ...83.19 | ... 0.60 | (0.7%) |
| GCV11.CMX | ....Gold Oct 11 | .....1,657.00 | .... 5.10 | (0.3%) |
Get the latest daily market update below:
US employers added more workers than forecast in Sep & job gains were revised up in the prior 2 months. Payrolls climbed 103K after a revised 57K increase in Aug according to the Labor Dept. It beat the forecast for a rise of 60K. The gain reflected the return to work of 45K Verizon (VZ) employees. But the jobless rate held at 9.1% while hours & earnings for workers increased. Revisions to previous reports added 99K jobs to payrolls in Jul & Aug. The report could have been a lot worse, but the economy needs to see a lot better before the high unemployment rate comes down in a meanigful way.
U.S. Payrolls Rise More-Than-Expected 103,000; Jobless Rate Stays at 9.1%
Germany & Greece signed an agreement to boost investment in the debt-drowned country & getting its economy growing again. German Economy Minister Roesler & Greek Development Ministe Chrisohoidis said the agreement was part of a strategy to help Greece deal with its crisis by helping its real economy rebound. "We believe that Greece can become a very important investment destination," said Roesler, who is on a 2-day visit to Greece with a delegation of dozens of German businessmen. "We're sending out the message that we can implement those things that we have decided on." Roesler said deals worth €2.5B ($3.36B) have already been made creating 50 new jobs in Greece, adding that there was additional German interest in investing in major infrastructure projects worth €1.5B. The German official said the agreement clears hurdles aimed to impart a "sense of security" to businessmen seeking to invest in the country. The German Development Bank is ready to lend its expertise for the creation of a similar development bank in Greece to support small & mid-size businesses. Germany would also help Greece absorb European Union support funds geared towards boosting the Greek economy's competiveness. Roesler said he would convey the message to other EU partners that Greece offers good investment opportunities & that an investment in Greece would translate into an investment in Europe. This optimism (putting your money where your mouth is) is what Greece needs to get its economy growing again.
Germany, Greece sign agreement to boost investment AP
On first blush, the jobs report sounded good & stocks rose. The data was ahead of expectations & numbers from the prior 2 months were raised. After reflection, the data doesn't look so good. Much of the favorable variance was from striking VZ workers returning to work. The economy needs numbers above 200K & they are a long way away. Germany's commitment to invest in Greece represents a first step in providing aid to Greece, but it must be followed thru with more investment & acceptance by Greece of austerity measures. After a bad start, Dow is up 150 this week (& month). Next week earnings season begins with Alcoa (AA), a Dow stock, on Tues after the market close.
Dow Industrials (INDU)
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