Positive Growth Forecast In US Jobs And Chinese Manufacturing Sets Market On A Roll
Wednesday, December 01, 2010 2:23 PM

The United States markets opened on a strong note today amid reports that small businesses are creating more job opportunities in the country and faster than forecast growth in Chinese manufacturing sector. While Dow Jones Industrial Average has already crossed the 11,200 mark, a gain of 1.86 percent, Nasdaq is up by 1.96 percent to cross the 2,500 mark. The S&P 500 Index is at 1,200, a gain of 1.20 percent above its last day closing.

According to Paul Zemsky, the head of asset allocation at ING Investment Management, the United States economy relies heavily on the job market and it affects the equities. Figures of ADP Employer Services state that private companies created nearly 93,000 jobs in November 2010, which is far more than the figure of 70,000 expected by economists.

The major movers in the market today seems to be the technology and financial companies. While Apple Inc (NasdaqGS: AAPL) has started strongly and had gained 1.56 percent, JP Morgan Chase & Co (NYSE: JPM) is up by 1.36 percent. Similarly, Google Inc (NasdaqGS: GOOG) has an upward swing of 1.96 percent in Today's trading so far. Bank of America Corporation (NYSE: BAC), which had a lousy day on Tuesday, is already up by 0.55 percent.

The pharmaceutical companies seem to have recovered from their negative performance of Tuesday to start the day on a positive note. The AMEX Pharmaceutical Index is up by 1.13 percent in the day's trading till now. Johnson & Johnson (NYSE: JNJ), which showed a negative result on Tuesday's trading following the fine imposed on it by a Dutch tribunal, has already gained 1.01 percent above its last day trading.

The world market also seems to be highly encouraged by the strong growth forecast of Chinese manufacturing industry. Global stocks rose before trading started in the United States. While the Euro Stoxx 50 index rose 1.6 percent, China's Shanghai Composite Index rose 0.1 percent in the day's trading. Similarly, Hong Kong's Hang Seng rose 1.1 percent during the day.



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Market news:

  • Obama and Hu share intimate dinner at White House Jan 18, 2011 11:06 PM

    • WASHINGTON - Eager to soothe tensions, President Barack Obama and Chinese President Hu Jintao shared an unusual and intimate dinner Tuesday night to discuss the strains and common goals that define the complicated relations between the two rival powers.
    • The private dinner, in the Old Family Dining Room in the White House residence, came amid disputes over China's currency, trade and human rights policies and a search for cooperation on national security.
    • It preceded a planned pomp-filled gala for Hu on Wednesday night and illustrated Obama's careful mix of warmth and firmness for the leader of a nation that is at once the largest U.S. competitor and most important potential partner.
      • Rising rivers swamp another Australian town Jan 18, 2011 10:52 PM

        • MELBOURNE, Australia - Authorities told residents of a southeastern town to flee their homes with three days of supplies just before floodwaters breached levees Wednesday in the latest community swamped during Australia's weekslong flood crisis.
        • The flooding in Victoria follow weeks of massive flooding in northeastern Queensland, which left two-thirds of the giant state underwater and 30 people dead.
        • The Kerang levee breached at several points and townspeople should head for a relief center on higher ground, the State Emergency Services (SES) said.
          • Shriver, 1 of last links to JFK White House, dies Jan 18, 2011 10:12 PM

            • BETHESDA, Md. - Bound by marriage to the nation's most powerful political family, R. Sargent Shriver showed his commitment to service not through high office but with achievements no less historic: first director of the Peace Corps and leader of the war on poverty.
            • One of the last links to President John F. Kennedy's administration, Shriver, who announced in 2003 that he had Alzheimer's disease, died Tuesday after being hospitalized for several days in his native Maryland.
            • A businessman and lawyer, Shriver helped his wife and Special Olympics founder Eunice Kennedy Shriver run the organization that allows mentally challenged children to participate in sports, and also spent two years as ambassador to France.
              • Regis Philbin says he's retiring from his show Jan 18, 2011 09:17 PM

                • NEW YORK - Veteran broadcaster Regis Philbin says he's retiring from his weekday talk show.
                • Regis, 79, made the announcement at the start of Tuesday morning's "Live With Regis and Kelly," which he has hosted for a quarter-century, most recently sharing hosting duties with Kelly Ripa.
                • Philbin said he would be stepping down from the show around the end of the summer, but he didn't specify a departure date.
                  • Prince Fielder, Brewers settle at $15.5 million Jan 18, 2011 09:11 PM

                    • NEW YORK - Setting himself up for an even bigger payday a year from now, Prince Fielder agreed Tuesday to a $15.5 million contract with the Milwaukee Brewers in the largest one-year deal for a player not yet eligible for free agency.
                    • On a day when 67 of the 119 players who filed for salary arbitration reached agreements, AL MVP Josh Hamilton, major league home run champion Jose Bautista and Houston pitcher Wandy Rodriguez submitted the largest proposed salaries when players and teams swapped proposed figures.
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