Daily Investment Interpretations
July 8, 2011
(Friday Night): The
market fell today and no wonder: Job
fears spook Wall Street and Just
18,000 jobs created; jobless rate up. The NASDAQ Composite
to 2,859.81. The Dow slipped 62.39
to close at 12,657.20;
the S&P 500 slid 9.42
to settle at 1,343.80. Oil fell to $96.96; Gold rose
to $1,545. Interestingly, the VIX was unchanged at 15.95.
Last night, I wrote, "Jobs expected to show bounce Economists are expecting nonfarm payrolls to have expanded by 125,000 jobs. If the jobs number falls below that bogey, the stock market will probably fall with it." Well, guess what? The unemployment rate after bottoming last year at 9% ticked up from 9.1% to 9.2%: Swonk: Jobs report ugly from every angle - audio. This debacle has inspired talk of QE3: ‘QE3’ by fall, expert says, and Hope, prayer, magic and 'QE3'. Responses to this morning's report include: Call for action on unemployment rate, and Obama urges stronger job-growth measures. But then there's Look for new S&P high by year-end. Go figure.
It's Friday night and news is sparse.