U.S. stocks mixed on job data, euro fears; DOW lower by 0.02%
Published Jan 05, 2012 04:23PM ET
At the close of U.S. trade, the Dow Jones Industrial Average eased lower by 0.02%, the S&P 500 moved higher by 0.34% and the Nasdaq Composite index advanced 0.81%.
ADP Employer services reported that payrolls increased by 325,000 last month crushing analysts estimates of 178,000.
In addition, applications for jobless benefits decreased by 15000 confirming the bullish sentiment.
Retailers J.C. Penney and Target cut their earnings forecasts weighing on stocks in the early going. The bellwether retailers gave back 3.2% and 3.0% respectively.
Donald Selkin of national Securities told Bloomberg, "We're starting to see better data out of the U.S. as opposed to the obsession with Europe. People are seeing that our economy will definitely not fall into that recession."
Bank of America and JPMorgan Chase both added at least 2.5% upon Deutsche Bank stating it see encouraging signs for fourth quarter earnings.
On a bearish note, Metro PCS fell the most in the S&P 500 on adding less subscribers than projected by analysts, and Barnes and Noble plummeted 18% after increasing its loss forecasts to $1.40 per share in fiscal 2012.
Across the Atlantic, European stock markets were mixed with the EURO STOXX 50 closed off by 1.45%, France's CAC 40 fell 1.53%, while Germany's DAX 30 gave back 0.25%. Meanwhile, in the U.K. the FTSE 100 dropped 0.78%.
Investors are anxiously awaiting the market moving U.S. Non Farm Payrolls and a euro zone retail sales report on Friday.
Get The News You Want
Written By: Investing.com
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.