As from April 2013 my Journey in Investing is to create Retirement Income for Life till 80 years old for two over market cycles of Bull and Bear.

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This blog is authored by an old multi-bagger blue chips stock picker uncle from HDB heartland!

"The market is not your mother. It consists of tough men and women who look for ways to take money away from you instead of pouring milk into your mouth." - Dr. Alexander Elder

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Saturday, 9 November 2013

Dow hits another high on hiring surge last month

Dow Jones industrial average closes at record high after surprise surge in hiring last month

 
NEW YORK (AP) -- An unexpectedly strong jobs report gave stocks a lift on Friday, pushing the Dow Jones industrial average back to an all-time high.
The gains were led by banks, such as Bank of America and JPMorgan Chase, which stand to benefit from a pickup in lending as the economy strengthens. Consumer-focused stocks such as Priceline.com and Disney also rose after reporting higher profits, and Gap soared after raising its earnings forecast. Losers included housing stocks and Twitter, which dropped 7 percent the day after its initial public offering.
The jobs survey left investors grappling with how to interpret this week's surprisingly strong economic data and what it means for the Federal Reserve's economic stimulus program. On Thursday the government reported that U.S. economic growth accelerated in the third quarter. The Fed's stimulus has helped power this year's stock rally.

The Dow gained 167.80 points, or 1.1 percent, to 15,761. The Dow also closed at a record high on Wednesday.

The Standard & Poor's 500 index ended 23.46 higher, or 1.3 percent, at 1,770.61, just a point below its record. The Nasdaq composite rose 61.90 points, or 1.6 percent, to 3,919.23.

Both the Dow and the S&P 500 recovered all of their losses from Thursday, when concern about the Fed withdrawing its stimulus outweighed optimism about faster economic growth.

The reaction to the jobs report was even more pronounced in the bond market. The yield on the 10-year Treasury note jumped to the highest in six weeks as investors sold bonds, anticipating less demand for them if the Fed slows its purchases. Rising interest rates are a sign that investors are more confident in the economy. They are a boon to banks because it means that they can lend money at higher rates.

The yield on the 10-year note jumped to 2.75 percent from 2.60 percent on Thursday, the highest level since Sept. 20. JPMorgan Chase rose $2.31, or 4.5 percent, to $53.96. Bank of America gained 52 cents, or 3.8 percent, to $14.32.


CW8888: Why no power in STI?


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