Market Wrap-Up for July 8 (GS, SCHW, CMI, CAT, POT, CF, more)

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So much for yesterday's rosy jobs numbers. This morning we got word from The Bureau of Labor Statistics reporting the U.S. added only 18,000 jobs in June, while Economists had expected 105,000 job additions. The unemployment rate was back up at 9.2 percent. These numbers come just one day after an ADP payrolls report that painted an exact opposite picture. Despite the poor jobs numbers, the market was able to recover a decent amount of the earlier losses.

Wall Street downgrades hurt stocks like BB&T Corp ( BBT ) and Goldman Sachs ( GS ). Online brokers Charles Schwab ( SCHW ) and TD Ameritrade ( AMTD ) lagged the action for much of the day. Cyclical names like Cummins Inc. ( CMI ) and Caterpillar ( CAT ) were able to bounce back some by the close. Commodity plays like Potash Corp ( POT ) and CF Industries ( CF ) led the way higher during the late-day market bounce. Our "Best Dividend Stocks" list is holding up well, however, as our subscribers continue to pile up the recent dividend payouts.

With the market's recent winning streak, it made sense for the indices to pull back given the worse-than-expected employment figures. I guess you can say this is par for the course when it comes to economic data these days. This market action goes hand-in-hand with the manic business media coverage we see on a daily basis. As I've said many times, there is far too much focus on the minute-by-minute nature of stock moves to please the day trader community.

Scouring the multitude of business stories as I do on a daily basis, I ran across a CNN Money feature article highlighting anonymous tweets from traders that were talking about the stock movers of the day. How this was somehow construed as a legitimate business article was beyond me! I understand the social media aspect of user-generated content (it's been the buzz for a while now in startup land), but when you are talking about investing, what's next? Scouring Facebook and message boards for random blurbs about stocks that just so happened to work for a trader at that particular moment in time?

The media continues to be sloppy in its pursuit to provide relevant news (and, or course, trying to be "social" because it's the buzz these days). Unfortunately with many cutbacks in newspapers and magazines, real in-depth investing reporting will get lost in the shuffle. Today it's all about fast links to breaking news, and it seems that every other story is "breaking news"-worthy. Deep analysis is a lost art as reactions are needed within minutes of news breaking. That's just another reason why trading for a living is super-hard, despite the supposed trading gurus of the day would have you believe.

We will continue do our best to navigate through the manic nature of the markets. I want investing success for everyone that reads our work and subscribes to our Premium service. There will be ups and downs along the way, but if everyone stays the course, you stand a great chance of meeting the goals of building wealth and financial security. Everyone who reads this newsletter knows I will be persistent when it comes to this message.

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Looking ahead to next week, quarterly earnings will continue to trickle in as we get set to see how well corporate America did in the second quarter. Watch for earnings results from the likes of Alcoa ( AA ), Yum Brands ( YUM ), and Mattel ( MAT ), just to name a few.

Be sure to catch up with our latest watchlist updates this weekend on Premium, including reports on earnings/story stocks, analyst upgrades/downgrades, dividend ETFs, and much more. And as always, you can view our current recommendations on our industry-leading "Best Dividend Stocks" . And if you haven't already, be sure to check out the "What's New on Premium" post we published recently to get up to speed on all the great new enhancements we've made to our service.

Thanks for your support everybody and thanks for reading my newsletter too! Please pass this on to anyone you think we can get inspired and educated about building wealth and using common sense to do so.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Stocks

Referenced Stocks: AMTD , CAT , CF , CMI

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