Stocks Fight Higher, Credit Surprises, Job Data Mixed

By | TradingMarkets.com | February 08, 2010 09:08 AM
Symbols: ARG, JWN, TSN, GLW

After a brutal start to the session, shares fought back closing higher on the day. Mixed and uncertain data from the job front led the early decline as the DJIA dipped sharply below the technically critical 10,000 level. Bullish news soon entered the fray with the consumer credit figure falling less than forecast. An unexpected increase in manufacturing payroll number spurred the bulls higher. In addition, optimistic international word from Greece helped the late day rally. The DJIA advanced +10.05 to 10012.23, the Nasdaq fought higher by +15.69 to 2141.12 and the S&P 500 climbed +3.08 to 1066.19.

Nordstrom Inc Nordstrom Inc (JWN): Dropped 3.33% or $1.17 to $33.94/share after being cut to "neutral" at Goldman Sachs.

Tyson Foods Tyson Foods Inc (TSN): Beat analysts estimates sending shares higher by 4.72% or 66 cents to $14.65.

Corning Corning Inc (GLW): Dropped 1.10% or 20 cents to $18.05/share despite reassuring investors it expects an over 20% increase in its glass business due to consumers buying more flat-screen televisions and computers.

Airgas Airgas Inc (ARG): Surged 40.04% or $17.43 to $60.96/share after another firm said it was ready to take its bid directly to the shareholders.

Oil gave back another $1.27 to $71.87, gold decreased $9.50 to $1054.00, and the VIX added 0.12% to 26.11.

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Market Snapshot

Dow

+10.05 10,012.23

NASDAQ

+15.69 2,141.12

S&P 500

+3.08 1,066.19
Economic News

Personal Income (Dec): Consensus: 0.3%, Prior: 0.5%, Revise From: 0.4%

Personal Spending (Dec): Consensus: 0.3%, Prior: 0.7%, Revise From: 0.5%

Construction Spending (Dec): Consensus: -0.5%, Prior: -1.2%, Revise From: -0.6%

ISM Index (Jan): Consensus: 55.5, Prior: 54.9

Pending Home Sales (Dec): Consensus: 1.1%, Prior: -16.0%

Auto Sales (Jan): Consensus: NA, Prior: 4.14M

Truck Sales (Jan): Consensus: NA, Prior: 4.49M

Challenger Job Cuts (Jan): Consensus: NA, Prior: -72.9%

ADP Employment Change (Jan): Consensus: -40K, Prior: -84K

ISM Services (Jan): Consensus: 50.9, Prior: 50.1

Crude Inventories (01/29): Consensus: NA, Prior: -3.89M

Initial Claims (01/30): Consensus: 454K, Prior: 470K

Continuing Claims (01/30): Consensus: 4600K, Prior: 4602K

Productivity-Prel (Q4): Consensus: 6.0%, Prior: 8.1%

Unit Labor Costs - Preliminary (Q4): Consensus: -2.5%, Prior: -2.5%

Factory Orders (Dec): Consensus: 0.6%, Prior: 1.1%

Nonfarm Payrolls (Jan): Consensus: 13K, Prior: -85K

Unemployment Rate (Jan): Consensus: 10.0%, Prior: 10.0%

Average Workweek (Jan): Consensus: 33.2, Prior: 33.2

Hourly Earnings (Jan): Consensus: 0.2%, Prior: 0.2%

Consumer Credit (Dec): Consensus: -$9.5B, Prior: -$17.5B

Read David's latest thoughts on his blog, www.marketsurfer.com
Original publication: February 05, 2010

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