Investing.com - U.S. stocks closed out Thursday’s trading session mostly higher on the eve of the much anticipated non farm payroll report Friday.
At the close of U.S. trade, the DOW dropped 0.09%, the S&P 500 climbed 0.11% and the Nasdaq Composite advanced 0.40%.
The heavily anticipated non farm payroll report hits the wire before the U.S. stock market opens on Friday. It is forecasted that employment increased by 140,000 after climbing 200,000 last month.
Traders watch this report very closely to gauge the strength of the recovery in the world’s largest economy.
In the U.S., data indicated that the number of filings for unemployment assistance last week dropped more than expected to 367,000 beating estimates for a decline of 373,000.
Economists believe jobless claims below 400,000 indicate an improving labor market. The number has remained below 400,000 in 12 of the last 14 weeks, helping fuel the bullish stock advance in 2012.
Meanwhile, Federal Reserve Chairman, Ben Bernanke stated at his testimony today that the economy is showing signs of improvement. In addition to requesting lawmakers to reduce the long term U.S. budget deficit.
Elsewhere in the European Union, Economic and Monetary Affairs Commissioner Olli Rehn stated that Greek debt negotiations were at an advanced staged with a conclusion pending.
The deal is supposed to be approved at an extraordinary meeting of EU finance ministers on Monday.
This agreement is critical for Greece to avoid default on March 20 by obtaining its next tranche of bailout funds.
However, Eurogroup head, Jean Claude Juncker stated talks with private creditors on the Greek debt restructuring plan have proven to be “ultra difficult”.
Facebook filed to raise USD5 billion in an initial public offering. This move lifted internet stocks with Zynga soaring 20%, Groupon adding 7.9% and Renren climbing 10%.
Allstate added 3.7% after the insurance company stated fourth quarter profits more than doubled due to lower costs tied to catastrophes.
The clothing retailer, Gap rallied 11% for the largest gain in the S&P 500 after forecasting earnings that will beat estimates.
In Bearish news, ShoreTel sank 19% after the internet phone system maker’s third quarter sales forecasts missed estimates.
After the close of European trade, the EURO STOXX 50 advanced 0.30%, France's CAC 40 gained 0.27%, while Germany's DAX surged 0.59%. Meanwhile, in the U.K. the FTSE 100 climbed 0.09%.
At the close of U.S. trade, the DOW dropped 0.09%, the S&P 500 climbed 0.11% and the Nasdaq Composite advanced 0.40%.
The heavily anticipated non farm payroll report hits the wire before the U.S. stock market opens on Friday. It is forecasted that employment increased by 140,000 after climbing 200,000 last month.
Traders watch this report very closely to gauge the strength of the recovery in the world’s largest economy.
In the U.S., data indicated that the number of filings for unemployment assistance last week dropped more than expected to 367,000 beating estimates for a decline of 373,000.
Economists believe jobless claims below 400,000 indicate an improving labor market. The number has remained below 400,000 in 12 of the last 14 weeks, helping fuel the bullish stock advance in 2012.
Meanwhile, Federal Reserve Chairman, Ben Bernanke stated at his testimony today that the economy is showing signs of improvement. In addition to requesting lawmakers to reduce the long term U.S. budget deficit.
Elsewhere in the European Union, Economic and Monetary Affairs Commissioner Olli Rehn stated that Greek debt negotiations were at an advanced staged with a conclusion pending.
The deal is supposed to be approved at an extraordinary meeting of EU finance ministers on Monday.
This agreement is critical for Greece to avoid default on March 20 by obtaining its next tranche of bailout funds.
However, Eurogroup head, Jean Claude Juncker stated talks with private creditors on the Greek debt restructuring plan have proven to be “ultra difficult”.
Facebook filed to raise USD5 billion in an initial public offering. This move lifted internet stocks with Zynga soaring 20%, Groupon adding 7.9% and Renren climbing 10%.
Allstate added 3.7% after the insurance company stated fourth quarter profits more than doubled due to lower costs tied to catastrophes.
The clothing retailer, Gap rallied 11% for the largest gain in the S&P 500 after forecasting earnings that will beat estimates.
In Bearish news, ShoreTel sank 19% after the internet phone system maker’s third quarter sales forecasts missed estimates.
After the close of European trade, the EURO STOXX 50 advanced 0.30%, France's CAC 40 gained 0.27%, while Germany's DAX surged 0.59%. Meanwhile, in the U.K. the FTSE 100 climbed 0.09%.