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.
SCOTTSDALE, AZ — (Marketwire) — 09/29/09 — Sunergy, Inc (the “Company”) (OTCBB: SNEY) reports the following update on the preparation for operations on our 150 sq. km. Nyinahin mining concession, located in Ghana, West Africa. This concession enjoys a full prospecting license for gold, silver, diamonds and base metals. During the next few months we will test the alluvial gold and diamond recovery potential along the Ofin River which runs through the eastern portion of the concession for about 45 km. We will bulk sample the numerous existing artisan pits along the river on our concession. Our planned budget is around $300,000.00 US which could recover an estimated 1,000 oz./gold generating around $900,000.00 of revenue from the bulk testing program. Our plan involves leasing a suitable gold recovery plant. The permitting for the bulk testing operation is now underway.
Stocks are mixed as Intel Raises Revenue Forecast
Stocks were mixed in early trading Friday as technology shares got a boost from a rosy sales outlook from Intel Corp.
Intel shares rose nearly 5 percent, helping to lift the Nasdaq composite index more than 0.5 percent, after the world’s largest maker of computer chips said it now expects sales of up to $9.2 billion in the current quarter, up from its previous forecast of as much as $8.9 billion.
Intel’s upbeat report came a day after computer maker Dell Inc. posted better-than-expected results for its May-July quarter. While Dell’s sales continued to fall because of reduced spending by consumers and businesses, the company said it has seen signs of improvement.
Stocks turn lower on inflation and industrial production data
Stocks drifted lower early Friday as investors looked for more reasons to keep the market’s summer rally going.
Investors paused after two days of buying as the Labor Department said a measure of inflation was flat in July after a slight increase in June.
Inflation could become a concern down the road as the government continues to spend in an effort to stimulate the economy, though in the near term there has been little worry. A rapid increase in inflation would likely lead to higher interest rates, which could stifle an economic turnaround.
Stocks turn lower amid weak retail sales and jobs reports
Stocks turned lower in early trading Thursday as disappointing reports on jobs and retail sales deflated some of investors’ optimism about the economy.
Investors sent the major indexes slightly higher at the opening, but stocks failed to hold on to the gains and extend Wednesday’s big rally, which followed upbeat comments from the Federal Reserve.
SCOTTSDALE, AZ — (Marketwire) — 08/13/09 — Sunergy, Inc (the “Company”) (OTCBB: SNEY) reports the following update on the planning and preparation for operations on our 150 sq. km. Nyinahin mining concession, located in Ghana, West Africa. During Q’4 2009 we plan to test and evaluate the alluvial gold recovery potential along the Ofin River which runs through the eastern portion of the concession for about 45 km. We plan to do this by bulk sampling the numerous existing artisan pits along the river on our concession. Our planned budget is around $300,000.00 US which could recover an estimated 1,000 oz./gold generating around $900,000.00 of revenue from the program. Our plan involves either leasing a suitable gold recovery plant or joint venturing with another operator with suitable equipment. The permitting for the operation will commence shortly.