Non Farm Payrolls Disappoints Stock Market

Stock-Markets / Stock Markets 2010
Jun 04, 2010 - 08:43 AM

By: PaddyPowerTrader

Even on a typical uber quiet pre-payrolls day, the on going tug-of-war between strong economic data in the US and European sovereign banking risks was clearly visible with the former triumphing by a short head giving the S&P 500 Index its first back-to-back gains since April. Microsoft and Cisco led advances in the Dow and Dell rose 4.9% helping lead technology shares to the biggest gain in the S&P 500, after its founder said he has considered taking the company private. The losers were basic resource / mining stocks like Freeport-McMoRan Copper & Gold which sank after saying China’s plans to crimp growth will hurt demand for copper.

Today sentiment swung around into the red mid morning after a Greek sense of déjÃ* vu moment from the Hungarian PM Vicktor Orban who said that the economy is in “a very grave situationâ€