Posted on May - 08 - 2010
Upbeat Jobs Data Generates Positive Sentiment But Uncertainty Remains – RTTNews Daily Market Analysis
() - The major U.S. index futures are pointing to a moderately higher opening on Friday, as traders are likely to go bargain hunting following the sell-off seen in the previous session. While a bigger than expected increase in U.S. employment is also likely to contribute to early strength in the markets, buying interest may remained somewhat subdued amid continued uncertainty regarding the fiscal situation in Europe. Some traders may also be reluctant to move money into stocks following the historic volatility seen on Thursday.
U.S. stocks showed a lack of direction in early trading on Thursday but began declining steadily over the course of the morning, as contagion fears about the debt crisis in Greece ripped through the markets. After a sharp retreat in late afternoon trading, which was attributed in part to erroneous trades, the major averages recouped some of their losses but still closed sharply lower.
The Dow Industrials, which was down nearly 1,000 points at its low for the session, recovered to close down 347.80 points or 3.20% at 10,520. The Nasdaq Composite fell 82.65 points or 3.44% to 2,320 and the S&P 500 Index ended down 37.75 points or 3.24% at 1,128.
All thirty of the Dow components closed lower, with Bank of America (BAC) (down 7.13%), Hewlett-Packard (HPQ) (down 5.11%), JP Morgan Chase (JPM) (down 4.27%), General Electric (GE) (down 4.36%), Cisco Systems (CSCO) (down 4%), Boeing (BA) (down 4.27%), American Express (AXP) (down 4.34%) and Alcoa (AA) (down 4.17%) posting notable losses.
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