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  1. #1
    Senior Member JohnDoe2's Avatar
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    DOW NEARS 11,000 after stronger jobs, housing, services

    Dow nears 11,000 after stronger jobs, housing, services reports

    Posted 2h 38m ago
    By Stephen Bernard And Tim Paradis, AP Business Writers

    NEW YORK — Stocks rose Monday after an increase in hiring and improved demand at services businesses raised expectations for the economy.
    The Dow Jones industrial average rose more than 50 points in morning trading and at its highest was less than 12 points from the psychological benchmark of 11,000 for the first time in 18 months. The growing confidence about the economy hurt demand for Treasurys and drove up interest rates. The yield on the 10-year Treasury note rose to its highest level since 2008.

    The Labor Department said Friday that employers added 162,000 jobs in March. It was the biggest gain since the recession began in December 2007. However, the number was fewer than the 190,000 jobs economists forecast. The stock market was closed Friday so investors didn't have a chance to trade on the report before the weekend.

    Stocks are also rising following an increase in activity in U.S. services industries and a gain in pending home sales.

    The Institute for Supply Management, a trade group, said that the nation's service industry rose in March to 55.4 from 53 in February. Economists had forecast a reading of 54. The growth in the service index is the fastest since ISM revised how it measured the industry in January 2008.

    Meanwhile, the National Association of Realtors said its seasonally adjusted index of sales agreements rose 8.2% in February from January.

    The reports added to expectations that the economy is making strides.

    The government said that private employers accounted for most of the gains in jobs last month. Temporary government hiring for the 2010 U.S. Census did not pad the figures as much as economists had forecast. The unemployment rate remained at 9.7% for the third straight month.

    High unemployment keeps consumers from spending and loan defaults elevated. The financial industry would get a big boost from a drop in loan losses. Consumer spending accounts for the majority of economic activity in the country.

    The upbeat jobs report sent the yield on the benchmark 10-year Treasury note to 3.98%. That's the highest level since before the credit crisis erupted in late 2008. The yield, which moves opposite its price, rose to 3.98% from 3.94% late Friday. It has not eclipsed 4% since October 2008. The bond market had a shortened trading day Friday.

    The dollar fell against other major currencies, while gold rose.

    Crude oil rose $1.61 to $86.48 per barrel on the New York Mercantile Exchange.

    Overseas, Japan's Nikkei stock average rose 0.5%. European markets were closed for the Easter holiday.

    http://www.usatoday.com/money/markets/2 ... nday_N.htm
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  2. #2
    Senior Member cjbl2929's Avatar
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    Don't trust it - the other shoe is about to fall.

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