Edward Krudy, Reuters
Wall Street edges lower as economy eyed
Wall Street retreated from multiyear highs for a second day on Tuesday as investors looked to upcoming economic data this week to help extend a rally that has been largely driven by central bank stimulus.
Stocks have rallied 7 percent since early August, propelling the S&P 500 index to the highest in nearly five years as central banks in Europe and the United States acted to prop up flagging economies. But analysts say that for the rally to continue economic data needs to improve.
“If we don’t start seeing stronger economic data and Chinese, or we don’t start seeing strong policy measures out of the Chinese, then I think we’re going be due for a correction,” said Jack de Gan, chief investment officer at Harbor Advisory Corp in Portsmouth, New Hampshire.
Yesterday’s Top Performing Small Cap Stock:
On4 Communications, Inc (OTCQB: ONCI)
On4 Communications, Inc was a SmallCapVoice top performer closing up 25% on trading volume of 222,500 shares.
VANCOUVER, Sept. 18, 2012 /PRNewswire/ – On4 Communications, Inc. (“On4″) (OTCQB: ONCI) is pleased to announce that On4/NetCents is being featured on SmallCapVoice this morning.
The interview can be downloaded at: http://smallcapvoice.com/blog/9-14-12-smallcapvoice-interview-with-on4-communications-inc-otcqb-onci
The management teams of both On4 and NetCents encourage all shareholders and interested investors to go to the link and listen to the interview.
Stocks are lower as September job losses rise more than expected
The Labor Department says employers cut 263,000 jobs last month, up from 201,000 in August. That is far above the 180,000 job losses economists had been expecting. The unemployment rate has risen as expected to 9.8 percent.
Unemployment has been one of the market’s biggest concerns throughout the recession because it has a big impact on consumer spending.
A spate of bad economic news leading up to Friday’s disappointing jobs report has investors rethinking the rally that began in March on the first signs of a turnaround.
Stocks are lower after mixed economic reports
The Labor Department said new claims for jobless benefits rose more than expected to 551,000, evidence that the labor market is struggling and jobs remain scarce. Economists polled by Thomson Reuters had predicted claims to rise to 535,000.
The increase comes after three weeks of declines, and just before the Labor Department’s September unemployment report. Economists forecast that report will show the unemployment rate rose to 9.8 percent from 9.7 percent in August. Most economists expect the rate to top 10 percent by early next year.
Meanwhile, the Commerce Department said consumer spending surged by the largest amount in nearly eight years in August, as personal income growth lagged. Even so, economists worry whether that rebound can be sustained with U.S. households facing rising unemployment and tight credit conditions.
Oct. 1, 2009 (PR Newswire) — SCOTTSDALE, AZ, Oct. 1 /PRNewswire-FirstCall/ – On4 Communications Inc. (ONCI) is pleased to announce that it has entered into negotiations for the acquisition of www.pets911.com. Pets911.com is an industry leading website focused on the retrieval of lost pets, pet adoption and all aspects of pet welfare. Adding Pets911.com to On4’s current lineup of pet location and rescue products will be a significant addition and help position On4 as a leader in the industry.