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Market briefing---Matt (slow)
NYSE---Deb (fast)
Nasdaq---Julie (medium)
welcome to “world financial report.” i’m matt nesto. given the recent g.d.p. and productivity numbers, today’s jobs report raises the question, has the u.s. economy finally turned the corner? bloomberg’s peter cook joins us now live from washington with more on that and some of the political implications from the positive numbers of late.

>> the job gains may stem criticism that the economic recovery is a jobless recovery. but the bush administration is being careful not to declare victory over the country’s economic problems just yet. on the road in north carolina today, the president touted his role, the role his $1.7 trillion in tax cuts have played in restoring the economy but says more work lies ahead.

>> we have had good news about our economy but we won’t rest until everybody who wants to work with find a job.

>> 286,000 americans did find a job in the last three months, clear evidence as economists say that the u.s. economy is on the mend.

>> in the last three to five month we’ve seen temporary employment increasing and this doesn’t surprise united states as a positive report.

>> it’s odd for an economist. i’m used to looking for a cloud in any silver lining, but the more i dig, the better it looks.

>> cheney says his gut tells him the economy has turned the corner based on these numbers. there are still questions about whether the job growth can be sustained and what about factory employment which declined in the 39th month as manufacturing shed an additional 24,000 jobs.

>> manufacturing has lost in are jobs since the recession ended than it lost during the recession itself. it’s lost a lot of jobs and i think that’s still going to be a problem for the future.

>> on capitol hill today, republicans briefed on the jobs report welcome the new numbers. while democrats insisted the economy remains on the table as an issue confronting the country despite the signs of improvement.

>> george bush may put on the pinstripe instead of the pilot’s outfit and jump out of a limousine this time and tell you the recession is over but it’s the longest period of unemployment since herveert hoover and he’d have to create three million more jobs to get us back to where we were before the start of the recession.

>> based on today’s numbers, greg villiere says democrats will have a hard time making that case to the american people in the coming year.

>> appreciate information. gthe dow, the s&p and nasdaq giving back a lot of the day’s gains on the final hour of trade. you see the dow down almost 50 points, about half a percent. similar percentage gain for the―decline, rather, for the s&p 500. and the nasdaq also down about five points, working out to about .3%. the volume, just about on average, slightly above. 1.3 billion is the average and we did 1.4 billion on the new york stock exchange today. the nasdaq not quite two billion shares, a little bit on the light side. the broader indexes here, the wilshire 5000 little changed today. down .3%. and the bonds falling today. the five-year and 10-year notes down. the two-year note yield above 2%, an 11 month high. currencies, interesting story with your dollar buying less yen and the euro and pound trading higher. dollar down across the board on concerns that the terrorism situation might get worse. let’s put it all together. the jobs report, all that combined did little for the stock market in terms of where they finished the day. deborah kostroun is at the big board with the full report.

>> matt, as we started out, this week, so many traders were saying if we get a good jobs report on friday we could see the dow jones industrial average above 10,000. but that didn’t happen. in fact, as you look at the week in full, we’ve really just had pretty much average volume throughout the week, not a lot of push in the market. and traders that i talked to like kenny polcari of polcari weicher saying we are looking for the next big thing in the market and he said there was a lot of anticipation about the jobs report and we obviously didn’t see the market come through even though the economy did add twice as many as jobs as expected for october. bill strazu lo with state street global markets says if you’re playing the recovery, you want to the play the stocks with the most bang for the buck, those benefits the most from recovery including cyclicals and retailers. as the market sold off, we saw cyclicals lower. that index hit another record high, didn’t close on that high and some of the cyclicals, especially like caterpillar, closing sharply lower with a selloff late in the day. in addition, we saw material stocks starting off really strong and ending the day also with a little bit of a gain. that was one of the biggest gainers in the s&p 500. you would expect material stocks to perform well when you’re looking at economic recovery. and today’s jobs report giving us more evidence of that. consumer discretionary stocks ended with a mixed picture on the day. mainly because you had some stocks like viacom doing well but then you had centex and pulte and many homebuilders, as they have been hitting record highs all this week, pulling back on friday’s session as csfb downgraded many homebuilders. and the homebuilders have been performing well with those mortgage rates at low levels. dick hoer with dreyfus had anything things to say and says what we’re looking at right now is the revenge of the cycle. the economic cycle is back, monetary policy cycle is back, productivity cycle is back and the interest rate cycle is back. in addition, he says the presidential cycle in the stock market is back and those are a few characteristics he says definitely deeply rooted in human nature and also in the markets. so back into many of the cycles we’ve been seeing and we’ll see how we do next week.

>> deborah kostroun, always a pleasure to hear from you, thank you very much. nvidia was one of the best performing stocks on the nasdaq today. julie hyman has details at the nasdaq marketsite in times square. julie?

>> unlike the other major indices today, we did see the nasdaq in the plus territory for most of the day. until the end of the day. like the other indices, we saw a decline at the end of the day and we had a drop of about .25% at the end of the day, however the nasdaq still finishes the week 2% higher. fifth week in sixth it is higher and second week in a row. as for today, the best performer on the nasdaq 100 was nvidia. we saw that jobs report coming out and people reacting to it, following it we saw people reacting to company-specific news and in nvidia’s case, up 20%, the company said it expects fourth-quarter sales to rise 3.6% from the year-earlier quarter. this is the world’s biggest maker of computer graphics chips. we had the c.e.o. of the company saying that an increase in demand for personal computer chips will offset a decline in demand for xbox chips, the video game console. we also saw other chip companies rising today. we also had a pop up in shares of barnesandnoble.com, up 26% today after barnes & noble, the bookstore, offering to buy all of the outstanding shares of the website. this is about 1/4 of barnesandnoble.com shares. it offered $2.50 a share. those shares finished the day at $2.80 and this could be an indication that investors will ask for a higher price. we had shares of f.a.o. down 62% today. the parent company of f.a.o. schwarz and zany brainy said it may not have enough cash to stay in business and may consider a sale. matt, back to you.

>> zany brainy, excellent work, julie, appreciate it. the price of crude oil in new york rose to a three-week high today as colder weather boosts demand for heating fuels. crude closed at almost $31 a barrel today and gold futures rose in new york closing at $383 per ounce. stick with us. today’s better economic reports did little to lift the stock markets. they did help sentiment a bit. when we return, we’ll look at where stocks may be headed next with bob benson from bank of america capital management.
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