Market makes last minute surge; Boosted by tech stocks

Market makes last minute surge; Boosted by tech stocks


Gains by companies such as IBM (NYSE:IBM), Microsoft (NASDAQ GS:MSFT), Intel (NASDAQ GS:INTC) and Hewlett-Packard (NYSE:HPQ) helped offset a gloomy job report to help a mixed market make a last minute surge to end the first week of 2010 on a good note.

The Labor Department reported that while employers added jobs in November of 2009, they cut 85,000 jobs in December. Many analyst were expecting this figure to level off and the sudden spike caught many off guard. The national unemployment rate holds steady at 10%. Analyst and economist see the report as an indicator of how the economy is recovering, and while other industries have started to show improvement it will still take a long while to get things back to normal. An interesting tidbit from the report is that it is speculated that many people are giving up on their search for work.

The Dow Jones industrial average leapt 11 points and ended the trading session at 10,618.20. The S&P 500 index gained just above 3 points to close at 1,144.98. While the Nasdaq composite had a good day of trading adding  17 points, or 0.7% to close at 2,317.17. For the week, the Dow rose 1.8 percent, the S&P 500 index jumped 2.7 percent and the Nasdaq added 2.1 percent.

In Japan the Nikkei continued to push forward as it closed at 10,798.32. London’s FTSE 100 lost 0.3%, France’s CAC 40 lost 0.1% and the German DAX lost 0.5%.

Gold rose $5.20 to $1,138.90 an ounce continuing its march to its 09 high. U.S. Oil for February delivery fell 9 cents to settle at $82.75 a barrel on the New York Mercantile Exchange. Three stocks rose for every two that fell on the New York Stock Exchange, where volume fell to 994.2 million shares from 1.2 billion Thursday.

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