| Reports Paint Confusing Economic Picture |
| Dec-07-2012 |
| Keywords: payrolls, unemployment rate, stocks, fiscal cliff |
Americans today were met with mixed readings on the strength of the U.S. economy.
The Labor Department delighted Wall Street, reporting that non-farm payrolls grew a steeper than expected 146,000 in November. Economists had expected to see jobs grow by a more modest 93,000.
The unemployment rate last month also defied expectations, dropping to a near four-year low of 7.7 percent. However, digging into the report, some 540,000 individuals dropped out of the labor force last month, driving the labor participation rate down to 63.6%, still hovering around a 30-year low.
And consumer confidence this month nosedived. The University of Michigan - Thompson Reuters index of consumer sentiment tumbled to 74.5 from 82.7 in November. That more than 8-point drop is the largest single monthly decline since March 2011.
Despite those mixed headlines, the stock market managed to end mostly higher, with technology stocks presenting the only significant blemish.
The Dow Jones Industrial Average ended the day up 81-points. The Nasdaq Composite dropped 11-points. The S&P 500 ended trading with a 4-point gain.
For the week, both the Dow and S&P 500 finished in positive territory. A four-day winning streak on the blue chip index helping it finish up just about 1% higher.
Meanwhile, the Nasdaq felt the weight of Apple's woes, the tech heavy index ending the week down 1.1%.
Financial and industrial stocks were among the best market performers today. JP Morgan Chase led advancers on the Dow, logging a 2.5% gain.
Apple's stock continued to come under fire, finishing the session down 2.5%. The iPhone maker's stock though is still up an impressive 31% on the year, despite a more than 20% retreat since touching an all-time high of $705 a share back in late September.
And crude oil prices headed south for a fourth straight session today. The January crude contract down 3% on the week, settling at $85.93 a barrel. |
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Posted by Lou Dobbs Staff at 11:00 PM Email to a friend |
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