US Market Updates
11/6/2009 2:43 PM ET
(RTTNews) -
Stocks remain grounded near the unchanged mark in mid-afternoon trading on Friday after recovering from their initial pullback that was prompted by dreary employment data. The major averages currently modestly higher, as they continue to swing between gains and losses.
Equities fell at the start of trading after a report from the Labor Department showed employment fell by more than expected in the month of October, pushing the unemployment rate up to a new twenty-six year high above 10 percent.
In related news, President Barack Obama signed a bill extending unemployment coverage for 14 weeks across the country and adds an additional six weeks for areas with the highest unemployment. The bill also extends and expands the first-time homebuyer tax credit.
Additional news on the economic front came from the Commerce Department, which released a report showing that wholesale inventories fell by a little less than economists had been anticipating in September. The report also showed a continued increase in wholesale sales.
This afternoon, the Federal Reserve's consumer credit report for September may also attract some attention as traders look to see if there has been a slowdown in the decline in outstanding consumer credit. Economists expect consumer credit to shrink by $10 billion.
The major averages have seen little change in recent dealing, hovering just above the unchanged mark. The Dow is currently up 9.75 at 10,015.71, the Nasdaq is up 4.56 at 2,109.88 and the S&P 500 is up 1.60 at 1,068.23.
Dow Components
One of the strong gainers in the Dow has been General Electric (GE), which has shot up by 6.4 percent. With the climb, the stock continues to recover from Wednesday's two-month closing low.
The gain by GE comes after Oppenheimer upgraded its rating on the stock to Outperform from Perform. The broker also raised its target price on the stock to $18 from $17, citing the firm's likelihood to generate substantial revenues from the sale of some of its businesses.
Travelers (TRV) and Home Depot (HD) are also on the rise, offsetting recent losses, while McDonald's (MCD) and Procter & Gamble (PG) are poised to close at fresh highs.
Although they posing a more modest gain than some of its counterparts in the Dow, fast food giant McDonald's is on pace to set a ten-month closing high, posting a 0.7 percent gain.
Procter & Gamble are also moving higher, advancing by 1.4 percent. The stock is also looking to end the session at its closing highest price in ten months.
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