Stocks are lower on renewed Greece debt concerns and disappointing jobs report
Stocks fell in early trading Thursday as investors continue a pullback after a two-month stretch of nearly unbroken gains.
Renewed concerns about a possible default by Greece on its debt is weighing on markets globally. Overseas markets tumbled, with many Asian and European indexes down by more than 1 percent. Greek debt troubles have been one of the few reasons stocks have fallen globally so far in 2010.
A disappointing report on initial jobless claims is also sending U.S. stocks lower.
The Labor Department said initial claims for jobless benefits rose unexpectedly last week, jumping 18,000 to a seasonally adjusted 460,000. Economists polled by Thomson Reuters had forecast a drop to 435,000.
Apr. 8, 2010 (Business Wire) — Freshwater Technologies Inc. (OTCBB “FWTC”) is very pleased to announce a significant increase in food production yield has been achieved through the testing application of the FW Water Energizer. Preliminary results in a South American food processing company have indicated that the production yield increase generates at least twice the monthly rental cost of FW Water Energizer. More tests are being conducted and Freshwater anticipates that it will be able to permanently increase production yield in twelve similar agricultural food processing plants.
Management is very pleased with the initial testing results that could be significant but cautions that ongoing research is being conducted to establish the magnitude of this breakthrough.
Stocks are lower as the Dow flirts with 11,000
Stocks fell in early trading Wednesday as market momentum continued to slow and new concerns surfaced about Greece’s debt crisis.
The Dow Jones industrials remained just below 11,000 for a third day. The Dow hasn’t crossed that level in 18 months.
No major economic reports were due out Wednesday, but investors were watching out for the results due in the early afternoon from an auction of 10-year Treasury notes. European markets were lower on worries about Greece.
Greece’s borrowing costs remained high Tuesday and its stock market fell as the country’s finance minister sought advice from an International Monetary Fund team on how to speed up fiscal reforms.
The Dow has been flirting with the 11,000 level all week, but has yet to top the psychological barrier. It came within 12 points both Monday and Tuesday but ended just below there on both days.
Stocks are higher following a jobs report that has boosted expectations for the economy
The Labor Department said Friday that employers added 162,000 jobs in March. It was the biggest gains since the recession began in December 2007. However, the number was fewer than the 190,000 jobs economists forecast.
The stock market was closed Friday so investors didn’t have a chance to trade on the report before the weekend.
Private employers accounted for most of the gains. Temporary government hiring for the 2010 U.S. census did not pad the figures as much as economists had forecast, which helped keep the figure below expectations.
The unemployment rate remained at 9.7 percent for the third straight month.
High unemployment is considered a key stumbling block to a sustained recovery because it keeps consumers from spending and loan defaults elevated. The financial sector would get a big boost from a drop in loan losses, while consumer spending accounts for the majority of economic activity in the country.
Stocks rise after increase in consumer spending
Stocks climb after fifth straight increase in consumer spending boosts hopes for economy
Stocks rose Monday after investors grow more comfortable about a global economic recovery.
The Commerce Department said consumer spending rose for the fifth consecutive month in February, matching economists’ expectations. Jobs and the strength of the consumer are considered keys to a strong, sustained economic recovery.
At the end of the week, investors will get the Labor Department’s monthly employment report, which is expected to show employers added jobs this month.
Bank stocks rose Monday after the Treasury Department said it would start to sell the shares it owns in Citigroup Inc. The government took 7.7 billion Citigroup shares in exchange for $25 billion it gave the bank during the 2008 credit crisis. The planned sale during the next year could result in a profit of more than $8 billion.
Yesterday’s Top Performing Small Cap Stock:
Freshwater Technologies, Inc. (OTCBB: FWTC)
Freshwater Technologies, Inc. was a SmallCapVoice.com top performer yesterday closing up over 30% on trading volume of 7,293,636 shares.
Stocks are rallying following jobs data and positive earnings reports
Stocks rose on Thursday as technology shares were lifted after wireless chipmaker Qualcomm raised its forecast and electronics retailer Best Buy reported quarterly profit and sales that beat estimates.
Qualcomm Inc led the Nasdaq, jumping 7.7 percent to $43.28 after it raised its second-quarter earnings outlook.
Best Buy Co reported improved demand in its key holiday quarter and forecast a strong year ahead. Best Buy climbed 7.3 percent to $44.17.
The market was further boosted after the government said the number of U.S. workers filing new applications for unemployment insurance fell sharply last week.
Sovereign debt issues remained in focus ahead of a European Union summit later Thursday, as EU leaders appeared to be nearing a consensus on a way to help Greece.