Stock Market News for March 8, 2010 - Market News
A government report showing US employers cut fewer-than-expected jobs in February sent stocks higher Friday, even as cautious eyes kept a watch on developments in China and Greece’s move to address its massive debt problems.
The DJIA, nevertheless, managed to scale a six-week peak, closing up 1.2%, to 10,566, for a 2.3% rise on the week. The broader S&P500 index closed up 1.4% to 1,139, for a 3.1% rise on the week. The NASDAQ was the leading gainer among the major averages, notching up a 1.5% gain and, in the process, closing at an eighteen-month high of 2,326.
The week ahead assumes importance due to issues of national as well as international interest. While monetary policy issues in China and Greece's moves to contain its debt crisis will keep traders focused, Washington democrats trying to force the healthcare reform bill through would also be of considerable interest to traders.
All ten S&P500 industry sectors recorded gains both Friday and for the week. Hopes that a slow but steady recovery is beginning to take shape sent basic material shares up 2.0% Friday, and 3.4% during the week. Data showing consumer credit jumped $4.96 billion in January, partly helped financials notch up gains of 2.0% Friday, and 3.5% on the week.
Among DJIA components, Alcoa (NYSE:AA) jumped 3.1% on improved recovery prospects. American Express (NYSE:AXP) advanced 3.4%. Oil and gas shares rose 1.7% for a 3.4% weekly rise. Industrials rose 1.6% Friday and 3.9% on the week on increased US growth assumptions. Boeing (NYSE:BA) shares were the leading gainers among the DJIA components, up 3.6%, on news of 1000 manufacturing hirings during the month. The strength in NASDAQ shares was partly due to Apple's (NASDAQ:AAPL) rally to all-time highs on reports of an initial, early April selling date for its iPads. Google (NASDAQ:GOOG) shares jumped 1.7% on a Citigroup (NYSE:C) analyst report suggesting You Tube should gross $945 million in 2010 and $1.1 billion in 2011 for the company.
The US Treasury's auction schedule for the week includes a record sale of $40 billion 3-year notes on Tuesday, $21 billion in 10-years on Wednesday and $13 billion in 30-years on Thursday. Fed speakers include Fed's Brian today; Fed Board Member Evans tomorrow, Fed Board Member Dudley Thursday, with ECB President Trichet on Friday.
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