Stocks recorded weekly gains and the Dow Jones Industrial Average scored another record close, after data strong jobs data. Employers added 236,000 jobs and unemployment fell to 7.7% in February from 7.9% the month before, both above projections. Also, wholesale inventories in January rose 1.2% in the biggest leap since December 2011. Tech stocks closed mostly in the green with Pandora Media jumping 17.6% after a better-than-expected forecast for the current quarter and recent upgrades. Texas Instruments gained 0.3 after the co. raised the bottom end of its outlook range for the current quarter. BlackBerry lost 1.2% after a media report that it is planning to launch its new Z10 smartphone in the U.S. on March 22, while the co. has not yet announced a U.S. launch date for the device. Google lost 0.13% on the news that the company has begun laying off about 1,200 workers from its Motorola Mobility unit, representing about 10% of the head count for the business. In the coming week investors will test the depth of the U.S. economic recovery from reports on manufacturing and consumers, including the PPI and CPI, business inventories, empire manufacturing, industrial production, capacity utilization.
Monday, March 11, 2013
More catalysts needed to move higher
Stocks recorded weekly gains and the Dow Jones Industrial Average scored another record close, after data strong jobs data. Employers added 236,000 jobs and unemployment fell to 7.7% in February from 7.9% the month before, both above projections. Also, wholesale inventories in January rose 1.2% in the biggest leap since December 2011. Tech stocks closed mostly in the green with Pandora Media jumping 17.6% after a better-than-expected forecast for the current quarter and recent upgrades. Texas Instruments gained 0.3 after the co. raised the bottom end of its outlook range for the current quarter. BlackBerry lost 1.2% after a media report that it is planning to launch its new Z10 smartphone in the U.S. on March 22, while the co. has not yet announced a U.S. launch date for the device. Google lost 0.13% on the news that the company has begun laying off about 1,200 workers from its Motorola Mobility unit, representing about 10% of the head count for the business. In the coming week investors will test the depth of the U.S. economic recovery from reports on manufacturing and consumers, including the PPI and CPI, business inventories, empire manufacturing, industrial production, capacity utilization.
