Mid-way through trading Friday, the Dow traded up 0.35 percent
to 13,119.55 while the NASDAQ fell 0.58 percent to 2,972.05. The
S&P also rose, increasing 0.01 percent to 1,414.31.
The national unemployment rate was reported today, coming in at
7.7 percent, below the expected report and prior release of 7.9
percent. Following the release, some speculated that it meant
little due to an increased number of Americans leaving the
workforce. As of 10:00am traders were still trying to decide
their take on the release.
Equities Trading UP
Shares of Groupon (NASDAQ:
) spiked nearly 8 percent to $4.11 in early trading on what seems
to be thin air. A spokesperson for the company and analysts on
the street are stumped by the company's action, but nonetheless
traders have flocked to the company's stock.
The GEO Group (NYSE:
) was also up, gaining 7.20 percent at the open to $31.56
following the announcement that the company will move ahead with
its REIT conversion plans.
Yandex N.V. (NASDAQ:
) rose as well, trading up 5.32 percent to $23.15 as its ads were
reported to be dominating those of Google in Russia.
Equities Trading DOWN
) fell sharply after the open Friday, dropping 6.44 percent to
$12.05 after the FDA voted to retain its drug's phase III
Smith & Wesson Holding Corporation (NASDAQ:
) fell sharply at the market opening, losing 6.28 percent despite
a strong earnings report yesterday after the close.
Shares of Regal Entertainment Group (NYSE:
) dropped 2.43 percent to $14.48 following a Piper Jaffray
downgrade to Neutral this morning.
In commodity news, oil traded down 0.22 percent to $86.07, while
gold traded up 0.03 percent to $1,700.80.
Silver traded down 0.10 percent Friday to $32.94.
In European headlines this morning, German industrial production
came in well below the expected -0.5 percent at -2.6 percent,
while headlines came out that the majority of the ECB governing
council supported the rate cut.
The European markets fell across the board this morning as
investors displayed their fears of economic contraction, with the
Italian MIB index leading the fall.
In economic news Friday morning, the Michigan consumer confidence
figure was reported well below the expected 82 at 74.50. This was
even further below the prior figure of 82.70.
Nonfarm payrolls were also reported, coming in at 146
thousand, well above the expected 85 thousand, but below the
prior report of 171 thousand. Private nonfarm payrolls came in at
147 thousand, well above the projected 90 thousand, but below the
previous release of 184 thousand.
Manufacturing payrolls were released as well, coming in at -7
thousand, below the expected -4 thousand, and far below the
previously reported 10 thousand.
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