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Title: Stocks Climb, Treasuries Decline, Dollar Retreats on Jobs Data
Source:
BBG
URL Source: http://www.bloomberg.com
Published: Mar 5, 2010
Author: Shiyin Chen and Michael Patterson
Post Date: 2010-03-05 12:20:13 by war
Keywords: None
Views: 347
Comments: 4
March 5 (Bloomberg) -- Stocks and commodities climbed while Treasuries retreated and the dollar erased gains after a smaller-than-estimated decrease in U.S. jobs added to evidence the global economic recovery is accelerating. The Standard & Poor’s 500 Index climbed 1 percent to 1,134.05 at 11:42 a.m. for a sixth straight advance, its longest rally since the start of the year. The MSCI Emerging Markets Index rose 1.5 percent to extend its biggest weekly increase since the beginning of December. Russia’s Micex Index jumped for a seventh day, the longest streak since July 2006. Oil surged, while Treasury two-year note yields climbed six basis points to a two-week high of 0.92 percent. The Dollar Index slipped 0.1 percent after gaining as much as 0.4 percent. Global stocks extended their advance after a U.S. government report showed the country’s unemployment rate held at 9.7 percent in February as the nation lost 36,000 jobs. Economists on average had forecast a decrease of 68,000 and a gain in the unemployment rate to 9.8 percent, according to a Bloomberg survey. There’s “a quite interesting supporting picture for the equity markets specifically, and risky assets generally,” Stefan Keitel, who oversees about $140 billion as chief investment officer at Credit Suisse Asset Management, said in an interview on Bloomberg Television in London. “We expect rather positive surprises from a macroeconomic point of view.” Yearlong Rally The S&P 500 has rallied 68 percent from a 12-year low almost a year ago as the economy returned to growth following a yearlong contraction. The gains have been led by a 140 percent rally in financial shares through yesterday, while consumer- discretionary and industrial companies have almost doubled. The advance trimmed the S&P 500’s drop from a 2007 record to 28 percent as of yesterday’s close. Taiwan’s Taiex Index rallied 1.3 percent, leading gains in Asian stocks after a report yesterday showed a drop in jobless claims in the U.S. and two Federal Reserve Bank presidents said they believe the central bank should keep rates low until the recovery picks up. The MSCI emerging markets gauge has rebounded to the highest level in six weeks after a selloff sent it down as much as 13 percent from its 2010 peak on Jan. 11. It’s still almost percent lower for the year. Siegel Is Bullish “Equity returns around the world are going to be good but they’re going to be particularly good in emerging markets,” Jeremy Siegel, a finance professor at the University of Pennsylvania’s Wharton School of Business, said in an interview on Bloomberg Television in Hong Kong. Emerging-market equity funds attracted $240 million in the week ended March 3, the third straight week of inflows, EPFR Global said, citing easing concerns about a contagion from the Greece debt crisis and a recovery in exports. Greece sold 10- year bonds yesterday with investors bidding for more than three times the 5 billion euros ($6.8 billion) it sought to raise. Oil rose as much as 2.3 percent while gasoline climbed as high as $2.2831 a gallon in New York, the highest since Oct. 3, 2008. Copper for May delivery gained 5.5 cents, or 1.6 percent, to $3.4305 a pound on the New York Mercantile Exchange’s Comex unit. The contract advanced 4.4 percent this week. The extra yield investors demand to own developing-nation debt over U.S. Treasuries declined 10 basis points to 2.75 percentage points, according to JPMorgan Chase & Co.’s EMBI+ Index. China Stocks China’s Shanghai Composite Index rose 0.3 percent after fluctuating earlier today as Premier Wen Jiabao warned of “latent risk” in the nation’s banks and pledged to crack down on property speculation in a speech to the National People’s Congress. The premier also affirmed an 8 percent economic-growth target, saying that the government will continue its moderately loose monetary policy and proactive fiscal stance. China’s “government will boost expenditure on increasing the reserves of grain, edible oil, non-ferrous metals, petroleum and other important materials,” the Ministry of Finance said in a 2010 budget plan issued today during the National People’s Congress in Beijing. Asia’s third-biggest economy may expand 8.2 percent in the 12 months beginning April 1, from an estimated 7.2 percent this year, India’s finance ministry said last week.
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#1. To: Boofer (#0)
(Edited)
see Boof...your fears are misplaced...
Day 12 of Packrat refusing to register here. Day 10 Of Boofer The One Eyed Wonder Bot refusing to answer: When is Blackwell going to have the recount? Jan 30, 2006 ... by saveliberty (Proud to be Head Snowflake, Bushbot...
Why does the stock market rise every time the dollar weakens
Huh? Dollar is up today...versus Yen anyway...
Day 12 of Packrat refusing to register here. Day 10 Of Boofer The One Eyed Wonder Bot refusing to answer: When is Blackwell going to have the recount? Jan 30, 2006 ... by saveliberty (Proud to be Head Snowflake, Bushbot...
Just reading the headline Dollar Retreats on Jobs Data
#2. To: war (#0)
#3. To: dont eat that (#2)
#4. To: war (#3)
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