The day after for stocks has arrived, just one day removed from when the DJIA plunged over 500 points and the major indices closed out their respective session with significant losses. Jobs and economic data up to this point has been flat to abysmal and worries were growing with fierce intention as we moved closer to the big report today from the Labor Department.
The good news is that there was some good news. The Labor Department reported today that the U.S. economy added 117,000 jobs in July which exceeded the number of 84,000 that economists had been anticipating. This was great news on a day when the market and investors on Wall Street needed to hear some great news. Also, Junes Payroll additions were revised in an upward direction and now post an increase of 46,000. According to the jobs data now, companies added 154,000 payrolls in July which was well beyond the 100,000 that was predicted. On top of it all, the national unemployment rate dropped lower from 9.2 percent in June to 9.1 percent in July. The data posting today acted like the sun that burned away the economic fog in the U.S. Stocks opened higher and as the session approached mid-day, the major index composites were trending in the red. The Dow dropped 95.89 points or 0.84% to 11,288. The S&P 500 declined by 10.48 points or 0.87% to 1,190. Oil lost 0.57 or 0.59% to $86.09 a barrel. Gold increased by 7.5 or 0.43% to $1,666.50.
The good news is that there was some good news. The Labor Department reported today that the U.S. economy added 117,000 jobs in July which exceeded the number of 84,000 that economists had been anticipating. This was great news on a day when the market and investors on Wall Street needed to hear some great news. Also, Junes Payroll additions were revised in an upward direction and now post an increase of 46,000. According to the jobs data now, companies added 154,000 payrolls in July which was well beyond the 100,000 that was predicted. On top of it all, the national unemployment rate dropped lower from 9.2 percent in June to 9.1 percent in July. The data posting today acted like the sun that burned away the economic fog in the U.S. Stocks opened higher and as the session approached mid-day, the major index composites were trending in the red. The Dow dropped 95.89 points or 0.84% to 11,288. The S&P 500 declined by 10.48 points or 0.87% to 1,190. Oil lost 0.57 or 0.59% to $86.09 a barrel. Gold increased by 7.5 or 0.43% to $1,666.50.
