Stocks up On Consumer Credit, Jobs Reports (AAPL, MSFT)
The Federal Reserve reported that consumers extended their debt by a seasonally adjusted $17.8 billion in January, almost twice as much as had been forecasted, and markets responded positively. Automatic Data Processing (ADP) also reported that the private sector added 214,000 jobs in February, in contrast to the 173,000 it added in January, showing the gradual signs of a true recovery. Apple (AAPL) unveiled the next generation of its iPad product today, which promises to maintain its dominance in the market.However, investors were expecting the announcement, so the stock price did not increase by much. This is on the heels of Microsoft (MSFT) releasing the consumer preview of an early version of its Windows 8 operating system, which it intends to use to fight for second place in the tablet market.
Word on the Street
- After yesterday's dramatic drop, major indices were back up today on news of surging consumer credit.
- An estimated 216,000 workers were hired in February.
- The euro is up from its 3-week low.
- The IRS is offering tax relief for the unemployed who are unable to pay.
- Apple (AAPL) announced the next generation of its popular iPad product.
- Microsoft (MSFT) has been a top performing stock in 2012 so far.
Published on Mar 7, 2012By InvestorGuide Staff