After spending most of today’s session down the indexes managed a late rally to finish in positive territory on the day. The Dow finished up 10 points and the Nasdaq finished up 15. Earlier in the trading session the Dow fell more than 160 points in the middle of the trading day but the lowest stock prices in months brought in buyers. A debt crisis in Europe caused much of the sell off as investors began shifting their money into the Dollar which rose to a 6 month high versus the Euro. This jump in the dollar caused a sell off in gold, commodities, and stocks that were benefiting from a weaker dollar. The market rally today was led by technology stocks which have been the most hardly hit this year and also yesterday when the Nasdaq fell 3%. Cisco and Intel both jumped more than 2% while Apple was up 1.7% on the day. Also today a jobs report was released but over shadowed by the worries of the European financial system. Businesses across America cut 20,000 jobs in January which is lower than the December number of 150,000 but still weaker than many expected. The unemployment rate fell however to 9.7%. Perhaps the biggest news out of this jobs report was the revision of the number of jobs lost in the recession: 8.4 million. The previous estimate was 7 million. Despite this negativity the markets managed gains after hitting their lowest levels in months yesterday.




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