Stocks ended mixed Friday, erasing an earlier rally fueled by a big drop in the national unemployment rate from 8.1% to 7.8%, but all three major indexes still posted their first positive week in three and the Dow finished at its best level since December 2007.
The drop was showing that 873,000 more people had jobs than in the previous month. This numbers bring us to the biggest one-month gain in more than nine years. But not all was shiny in the report out of the 873,000 jobs “gained”, nearly 600,000 were part time.
As for the major indices last week correction seems like a long time ago as the market ranged for a few days but at the end broker higher with the Dow closing very strong. The NASDAQ seems the vulnerable from the 3 with a potential ”Head & Shoulders” patter basing, earnings will determine the next phase:
On the tap next week:
Monday: Columbus Day—banks/bond market closed; stock market open
Tuesday: NFIB small business index; Earnings from Alcoa, Yum Brands
Wednesday: Beige Book; Earnings from Costco
Thursday: International trade, jobless claims, import/export prices
Friday: PPI, consumer sentiment; Earnings from JPMorgan, Wells Fargo