Unemployment Remains Flat For December While S&P Ends Near Bull Market High
Stocks made gains on Friday that pushed the S&P 500 to its highest closing level since 2007. The Dow and Nasdaq also climbed but the S&P is the first of the three major indices to cross back over to its bull market high. Today's jobs report was much anticipated, but disappointingly showed that monthly employment growth in 2012 was the same as in 2011. Economic uncertainty remains despite several small pieces of information such as gains in manufacturing and construction and growth in wages. Analysts have cut their forecasts for the tech, financial and materials sectors for the most recent quarter.After the bell Apple (AAPL) dropped 2.8%, becoming the top decliner for the S&P on Friday. US Treasury yields rose to eight-month highs sending bond prices lower. The dollar ended stronger against the Japanese yen and reached close to a 2-1/2 year high.
Word on the Street
- December jobs report shows unchanging figures with some small encouraging data.
- S&P 500 becomes first of the big three US indices to cross back over its bull market high.
- Mosaic Co's (MOS) shares fall 16% on Friday after announcing a 30% drop in quarterly operating profit.
- Forecasts cut by more than 10% for tech and financials over the past quarter ending in December.
- Factory orders remain flat for the month of November despite boosted investment plans.
- Cerberus Capital Management nears a deal with Supervalu Inc. (SVU) and its assets.
- Nokia (NOK) bounces back on strong sales of its Windows 8 phones.
- Important payroll updates and changes for small business in 2013.
- A list of the top CEOs to watch in the coming year because they're guaranteed to make news.
Published on Jan 4, 2013By InvestorGuide Staff