"IntelliTraders" 
Stocks looking up thanks to jobs report

Submitted by Some Random Trader on Thu, 09/02/2010 - 20:43

Thursday finally saw a rise in stocks related to the upcoming delivery of a new jobs report.

The Dow gained 50 points, S&P 9 points, and Nasdaq saw a 23 point rise.  The stocks were aided by high sales by U.S. retailers, increased home sales, and a moderate decrease in initial claims for unemployment benefits.

Peter Cardillo, chief market economist at Avalon Partners, noted that these gains might indicate a rally after Labor Day.  

As the labor market has been down, so has consumer spending - the bulk of U.S. economic activity.  Investors are interested to see the job market open up and allow for new hires, thus increasing consumer spending.  

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