Saturday, November 7, 2009
US unemployment rises to 10.2% -- silver lining ??
First reaction of the US unemployment crosses 10.2% was horrible but equities bounced off after the first negative reaction.
(1) (MarketWatch) The Labor Department revised its payroll tallies, adding 91,000 to the figures reported for August and September, meaning that the job losses for those months were less than previously estimated.
The report pointed to health care, education and professional and business services as the sectors that added jobs in October, while also illustrating a rise in the hiring of temporary workers -- seen as a precursor to a rise in permanent positions.
(2) Oppenheimer and Bernstein upgrades on GE was very powerful. The stock surged almost 7% limiting market losses on Friday.
Looks like the worst is behind us, not strong enough to crash the market.