Stock Market Today 2/5/10
US Market
Stocks Turning In A Lackluster Performance In Mid-Morning Trading
Stocks are showing uncertainty in mid-morning trading on Friday, as traders are looking for direction following the day’s mixed jobs report. The major averages are on opposite sides of the unchanged mark after yesterday’s sharp sell-off.
Ahead of the opening bell on Wall Street, the Labor Department released a report showing that non-farm payroll employment fell by 20,000 jobs in January following a revised decrease of 150,000 jobs in December. Economists had expected employment to edge up by 15,000 jobs compared to the loss of 85,000 jobs originally reported for the previous month.
The Labor Department report also said that the unemployment rate unexpectedly fell to 9.7 percent in January from 10.0 percent in December. The decrease surprised economists, who had expected the unemployment rate to remain unchanged at 10.0 percent.
The major averages have all seen some upside in recent dealing, recovering from their lows amid a volatile session. While the Dow remains down 4.99 at 9,997.19, the Nasdaq is up 8.43 at 2,133.86 and the S&P 500 is up 0.58 at 1,063.69.
Sector News
Housing stocks are notably lower in mid-morning trading, with the Philadelphia Housing Sector Index posting a loss of 1.2 percent, testing last month’s lows.
While healthcare provider and health insurance stocks are also moving notably lower, strength is visible among commercial real estate stocks, resulting in a 1.9 percent gain in the Morgan Stanley REIT Index. The index is bouncing off of the two-month closing low set yesterday.
Semiconductor, gold and computer technology stocks are also moving to the upside, offsetting the losses in other sectors.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region closed lower by notable margins on Friday. Japan’s benchmark Nikkei 225 fell by 2.9 percent, while Hong Kong’s Hang Seng Index declined by 3.3 percent.
The major European markets also continue to post notable losses. The U.K.’s FTSE 100 and the German DAX Index are down by 1.5 percent and 1.2 percent, respectively, while the French CAC 40 Index is down by 2.5 percent.
In the bond markets, treasuries are mixed, although the benchmark ten-year note is currently higher. The yield on the note, which moves opposite of its price, is trading at 3.589 percent, posting a loss of 2.1 basis points.
(Source: iHub World Daily Briefing)
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