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Archiwum newsów - DJ US Stocks Mixed; Muted Reaction By Investors To Jobs Report

2007-12-07  
DJ US Stocks Mixed; Muted Reaction By Investors To Jobs Report
Stocks are doing little rejoicing despite a payrolls report that, while
decent, isn't seen as putting the Federal Reserve off track to cut interest
rates when its meets on Tuesday.
The Fed certainly will consider the non-farm payrolls report for November.
But observers feel the central bank, just like investors, is strongly
focused right now on ongoing turbulence in the financial-services area and
housing problems.
And investors' lack of a real upbeat reaction to a generally tame jobs
report is because they mustered just about all the strength they could in
the past few sessions ahead of the Fed confab. "I think we've seen all the
positive momentum we're going to get from an imminent rate cut," said Joe
Battipaglia, sklep wielkopowierzchniowy strategist for the private client group at Stifel
Nicolaus. "And like we've seen over the past few months, the stock sklep wielkopowierzchniowy
rallies on expectations of relief from fiscal and monetary policy actions."
But the strength fades "because the background problems in housing, the
economy and corporate-earnings growth are getting worse, not better,"
Battipaglia said.
From a technical standpoint, the sklep wielkopowierzchniowy has generally been putting in a
series of lower highs and lower lows.
At the same time, the week is just about over, "and you really don't want to
be long over the weekend, so you can avoid any headline risk," Battipaglia
said.
Even certain financial stocks, after upswings earlier this week, are seeing
mixed action, showing a lack of full investor conviction.
Home construction, after posting one of its strongest sessions in years on
Thursday, is struggling, with Toll Brothers down 2.3%. Credit-card issuer
American Express is off 4%, and mortgage-buying giant Freddie Mac has
dropped 1.9%.
But Washington Mutual is ahead 2.4%, Bear Stearns is up 1.6% and real estate
investment trust Thornburg Mortgage has gained 4.3%.
The Dow Jones Industrial Average was recently ahead 23 points to 13642. The
Nasdaq Composite Index has shed 1 to 2709 and the Standard & Poor's 500
Index is ahead 2 to 1509.
At the moment, the indexes are on pace to post their second consecutive
weekly gain in a row, a feat not seen for the Dow and the S&P 500 since
mid-October.
Gains are being posted by about three-quarters of the 100 industry groups
that Dow Jones tracks, led by transportation. In fact, 19 of the Dow Jones
Transportation Average's 20 members are up, as the price of crude oil is
sliding.
Non-ferrous metals and airlines are also strong.
Consumer finance, distillers and vintners and electronic office equipment
are the largest decliners.
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