After trending lower over the past few sessions, stocks showed a strong move back to the upside during trading on Friday. The markets benefited from a largely positive reaction to a better than expected monthly jobs report. The major averages closed firmly in positive territory, with the Dow and the S&P 500 back above key psychological levels.
Although not particularly surprising, Republicans and Democrats in Washington have received mixed messages from the Labor Department's better than expected monthly jobs report on Friday. Lawmakers from both parties described the numbers as encouraging but suggested that the data provided support for their policies rather than those of their colleagues across the aisle.
Amid the troubled rollout of Obamacare, the results of a new Gallup poll released Friday showed a majority of Americans want Congress to scale back or entirely repeal the healthcare reform law. The poll found that 20 percent of Americans want Congress to scale back the Affordable Care Act, while 32 percent would prefer its outright repeal.
After moving sharply higher early in the session, stocks continue to turn in a strong performance in mid-day trading on Friday. The markets are benefiting from a positive reaction to a better than expected monthly jobs report. The major averages are currently posting strong gains, near their highs for the session.
Consumer sentiment in the U.S. has improved by much more than anticipated in the month of December, according to a report released by Thomson Reuters and the University of Michigan on Friday. The report said the preliminary reading on the consumer sentiment index for December jumped to 82.5 from the final November reading of 75.1. Economists had been expecting the index to edge up to 75.5.
With traders reacting positively to better than expected jobs data, stocks moved sharply higher at the start of trading on Friday. The major averages showed strong moves back to the upside after trending lower over the past few sessions. The major averages have recently pulled back off their highs for the young session but remain firmly positive.
The Federal Reserve should "gracefully exit" the central bank's quantitative easing bond purchases in light of this month's positive U.S. jobs report, Philadelphia Fed President Charles Plosser told CNBC on Friday.
Plosser, who has been a vocal skeptic about the Fed's $85 billion per month asset buying...
While the Commerce Department released a report on Friday showing an unexpected drop in U.S. personal income in the month of October, the report also showed continued growth in personal spending. The report said personal income edged down by 0.1 percent in October after rising by 0.5 percent in each of the two previous months.
Teen clothing retailer American Eagle Outfitters, Inc. on Friday reported a 68 percent decline in profit for the third quarter from last year, reflecting lower revenues and margins that were weighed down by higher promotional activity, in addition to one-time charges. However, adjusted earnings per share matched analysts' estimates. The company forecast fourth-quarter earnings below Street view.
In another upbeat sign for the U.S. labor market, the Labor Department released a report on Friday showing that stronger than expected job growth in the month of November pushed the unemployment rate down to a five-year low. The report showed that non-farm payroll employment rose by 203,000 jobs in November following a revised increase of 200,000 jobs in October.
After trending lower over the past few sessions, stocks are likely to move back to the upside in early trading on Friday. The major index futures are currently pointing to a sharply higher open for the markets, with the Dow futures up by 146 points.
Specialty retailer Genesco, Inc. reported Friday a profit for the third quarter that declined 34 percent from last year, reflecting higher charges and lower comparable-store sales. However, both adjusted earnings from continuing operations per share and quarterly revenues topped analysts' expectations.
Driven by broad-based weakness in domestic and foreign demand, German factory orders fell at the fastest pace in a year in October, official data showed Friday. Factory orders were down 2.2 percent in October from September, the most since November 2012, according to figures released by the Federal Ministry of Economics and Technology.
After the jittery mood in the past few sessions, Wall Street may well be on the road to recovery. Early indications suggest that stocks may open notably higher on Friday. Notwithstanding the optimism suggested by the index futures, the risk of a further retreat is still prevalent, as the all important...
Air Berlin Plc, Germany's second-largest airline, Friday said traffic and capacity for the month of November increased from the same month last year, while there was a decline in number of passengers.