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04-Feb-09
Flat amid competing cross-currents
Small-cap stocks hovered near steady levels in early trading, with pressure from weak corporate profit news countered by bargain hunting, overseas gains and a private employment report that wasn’t as bad as feared. At 9:52 a.m. ET, the Russell 2000 (NYSE:IWM) was down 0.26, or 0.06% at 452.64.
The ADP Employment Survey reflected a loss of 522,000 jobs from non-farm payrolls and projected the Labor Department report Friday would show a decline in jobs of 525,000, which was slightly above the median forecast of 500,000. That said, the market took the ADP figures in stride, with a “it could have been much worse” mentality in play. It’s worth noting that the ADP report was veering way offline for many months before they shifted methodology last month and got back on a tighter track with the Labor Department survey.
In overseas trading, European shares pushed higher despite disappointing December retail sales. The gains were a little dynamic in Asia, where Chinese shares climbed 2.7% as the government started to release funds for stimulus programs and Indonesia cut interest rates. Tech stocks, electronics makers and auto stocks were among the better performers in Asian trading overnight.
Here in the United States, much of the individual corporate profit news was gloomy this morning, including disappointments from The Walt Disney Co. (NYSE:DIS), Costco Wholesale Corp. (Nasdaq:COST) and Time Warner Inc. (NYSE:TWX). Shortly . . .
Posted at 07:17 in External Blog | Permalink | Top
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