Mid-Day Recap: Shrinking Job Losses Spur Market Gains

by devteam August 7th, 2009 | Share

Buoyed by the first reversal in the unemployment rate in 15 months, markets are up almost 2% on Friday, which will give the benchmark S&P 500 its fourth consecutive weekly gain.

Just after 1:30 pm, the S&P is leading all indexes with a 1.91% advance to 1,016, while the NASDAQ is trading 1.89% higher at 2,010, and the Dow is up 1.89% to 9431. Today’s gains follows two days of small-scale sell-offs, but since Monday the Dow and S&P are up more than 2%, while the 5-day gain in the Nasdaq almost 1.00%.

The most significant data point of the month, the employment report, came in much better than forecasts as the unemployment rate fell one-tenth to 9.4%, in contrast to expectations that it would edge up to 9.7%.

Total nonfarm employment declined by 247,000 in July â€

About the Author


Steven A Feinberg (@CPAsteve) of Appletree Business Services LLC, is a PASBA member accountant located in Londonderry, New Hampshire.

See all blogs


Leave a Comment

Leave a Reply

Latest Articles

Real Estate Investors Skip Paying Loans While Raising Billions

By John Gittelsohn August 24, 2020, 4:00 AM PDT Some of the largest real estate investors are walking away from Read More...

Late-Stage Delinquencies are Surging

Aug 21 2020, 11:59AM Like the report from Black Knight earlier today, the second quarter National Delinquency Survey from the Read More...

Published by the Federal Reserve Bank of San Francisco

It was recently published by the Federal Reserve Bank of San Francisco, which is about as official as you can Read More...