Winning Streak at Three Heading into Jobs Friday! - Investors Live

Winning Streak at Three Heading into Jobs Friday!

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Market Summary

Wall Street rose for the third consecutive session Thursday. Sentiment has improved as investors are under the assumption that progress is being in Europe to shore up the banking system. The sharp decline to close out the quarter was an oversold condition, with markets pricing in Market chart.a recession and also a systematic collapse in Europe. Well the world hasn’t ended yet, so volatility to the upside here we come. In addition, better than expected economic data has given some tangible evidence that, albeit slow, we may avoid a red GDP reading for Q3. Stocks finished near session highs as the Dow Jones Industrial Average closed up 183.38 points, or 1.7%, to 11,123.33, with 26 of the 30 blue chips advancing. The S&P 500 Index gained 20.94 points, or 1.8%, to 1,164.97, with a 3.2% gain in the financial sector leading advances for all 10 industry groups. The Nasdaq Composite Index rose 46.31 points, or 1.9%, to 2,506.82. This was the last session before the premarket September Employment Situation, my favorite day of the month! Friday and a big economic indicator, doesn’t get any better than that!

On the New York Mercantile Exchange, November crude rose $2.91, or 3.65 percent, to settle at $82.59 a barrel, for another day of gains on the back of equities. Gold rose $11.60, or 0.7%, to settle at $1,653.20 an ounce, while silver advanced $1.65, or 5.5%, to $32 an ounce.

Economic Rundown

Jobless claims are pointing to little September-to-August change in the labor market. Initial claims for the October 1 week total 401,000 vs the consensus of 410,000. As expected, we saw a 4,000 upward revision to the prior week to 395,000. Claims filed in the previous week had dropped by 33,000, the sharpest decline in more than four months.The four-week average is 414,000 which is slightly lower than the month-ago comparison,and also down 4K from last week. The figures suggest the labor market is stabilizing after the bad claim numbers between mid August and mid-September. Nonfarm payroll employment was unchanged in August, following a revised 85,000 increase in July. If we could get close to 100,000, the market would react seriously to the upside.

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