TODAY’S STOCK MARKET DOW JONES INDUSTRIAL AVERAGE DJI, S&P 500, NASDAQ INDEX TRENDS, NOTES January 7th, 2011 Approaching close
Posted on | January 7, 2011 | No Comments
Stocks closed mixed on Thursday and all the major market indexes fell into the red on Friday as a sell off in bank stocks was ignited by a foreclosure court ruling and fuel was added to the fire by a dissappointing jobs report that was released by the government.
A major investigation into foreclosure practices across the United States has been underway. Massachusetts’ highest court has ruled against Wells Fargo and US Bancorp in a foreclosure case Friday. The ruling caused a sell off of bank stocks across the broader market with the KBW Bank Index dropping close to 2%. The governments monthly jobs report showed an increase in payrolls from 71, 000 in November to 103,000 in December , but still fell short of the anticipated 150,000 anticipated by economists. Although their was not as much of an improvement as initially thought, the overall results are positive and the unemployment rate dropped from 9.8% to 9.4%. The government is expected to release a report on consumer credit with economists predicting a decline in borrowing from 3.4 billion to 2.5 billion for the month of November. Approaching close the major market indexes continue in the red. DJIA dropped 27.62 points to 11,669.69. Nasdaq is down 9.35 points to 2,700.55 . S&P 500 lost 3.32 points to 1,270.60. The U.S. Treasuries is down 0.09 to 3.33%. Oil is down 0.24 to $88.14 a barrel . The dollar is up 0.0039 to the Euro at $1.29. Gold is down 2.80 to $1368.90 an ounce.
Author: Pamela Frost