Market Gain As Jobs Pour In, Automobile And Financials Sectors Closed Stronger
Wednesday, December 01, 2010 9:24 PM

The bull roar back today amid reports of growth in jobs opportunities in the United States and faster than forecasted growth in the Chinese manufacturing sector.  While Dow Jones Industrial Average closed at 11,255, an increase of 2.27 percent, Nasdaq ended the day's trading at 2,549, a gain of 2.05 percent above Tuesday's trading. The S&P 500 Index closed with an increase of 1.64 percent at 1,206. NYSE Composite Index jumped 172.79 percent in the day's trading to close at 7,603. The gold price recorded an increase of 0.17 percent and the oil industry reported a jump of 3.21 percent at the market close.

The major movers of the day were Direxion Financial Bull 3X Shar (NYSEArca: FAS) and Motorola Inc (NYSE: MOT). While Direxion Financial finished the day with an increase of 5.70 percent to close at $22.62, Motorola closed the day's trading at $8.01, up by 4.50 percent above its last day closing of $7.66.

The shares of technology and financial companies gained the most on Wednesday after ADP Employer Services presented the report that private companies created nearly 93,000 jobs in November. Several technology companies, which include, Oracle Corporation, Comcast Corporation, Cisco Systems Inc, Microsoft Corporation and Intel Corporation showed improved performance today.

While Oracle Corporation (NasdaqGS: ORCL) closed at $27.65, an increase of 2.24 percent, Comcast Corporation (NasdaqGS: CMCSA) finished the day's trading at $20.83, a jump of 3.97 percent. Cisco Systems Inc (NasdaqGS: CSCO) recorded an increase of 0.84 percent above its previous day closing mark of $19.16. Intel Corporation (NasdaqGS: INTC) finished Wednesday's trading at $21.48, a jump of 1.52 percent.

Microsoft Corporation (NasdaqGS: MSFT), which had slipped towards the end on Tuesday, closed the day's trading at $26.04, an increase of 3.10 percent.

Several financial companies, including Bank of America, Citigroup Inc and JP Morgan Chase & Company, showed tremendous strength today. Bank of America Corporation (NYSE: BAC) closed at $11.29, an increase of 3.20 percent above Tuesday's closing price of $10.94.

While Citigroup Inc (NYSE: C) finished the day at $4.30, an increase of 2.38 percent, shares of JP Morgan Chase & Co (NYSE: JPM) jumped 2.01 percent to close at $38.15.

Several healthcare and pharmaceutical companies, which include Johnson & Johnson, Pfizer Inc and Abbott Laboratories, recovered to report positive results today. While Johnson & Johnson Common Stock (NYSE: JNJ) closed at $62.42, a gain of 1.41 percent, Pfizer Inc (NYSE: PFE) finished the day's trading with an increase of 2.46 percent above its previous day closing price of $16.30. Abbott Laboratories (NYSE: ABT) ended the day's business with a gain of 1.08 percent. The AMEX Pharmaceutical Index was up by 1.61 percent today.

The automobile industry was boosted by the sales figures reported by leading auto-makers to end the day on a strong note. General Motors Company (NYSE: GM), which reported a 12 percent increase in its November 2010 sales figures, closed at $34.78, a gain of 1.70 percent. Honda Motor Company Ltd (NYSE: HMC) finished the day's trading at $37.27, a jump of 2.87 percent.

It seems that the strong message from the Chinese front also pumped up the world market, with global stocks rising even before business started in the United States. While China's Shanghai Composite Index rose 0.1 percent in Today's trading, Singapore's Straits Times Index closed with an increase of 1.18 percent. Hong Kong's Hang Seng jumped 1.1 percent during the day. The European market also finished the day's trading on a positive note. While Europe's leading blue-chip companies' index Euro Stoxx 50 index rose 1.6 percent, Great Britain's FTSE 100 index gained 2.07 percent. Germany's DAX Index finished the day's trading with a gain of 2.66 percent above its previous day closing level.



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