Stocks Amazing, Credit Decline Record, Unemployment Surges

  • January 8, 2010
  • David Goodboy

Stocks exhibited an absolutely amazing show of strength in the light of horrid economic data. Shares ended higher defying a record decline in consumer credit and a surge in unemployment. Climbing wholesale sales, earning optimism and a falling U.S. dollar counteracted the bearish news. The DJIA advanced +11.33 to 10618.19, the Nasdaq climbed +17.12 to 2317.17 and the S&P 500 added +3.29 to 1144.98.

^MYL^: The drug maker was slashed to “neutral” by Goldman Sachs sending shares lower by.

^KO^: Was the worst performer in the Dow after falling on a JP Morgan downgrade.

^UPS^: Sometimes used as an economic barometer, the package delivery service climbed after fourth quarter earnings exceeded estimates.

^IMMU^: Climbed after obtaining a patent approval.

Oil added 22 cents to $82.88, gold eased higher by $5.50 to $1139.00 and the VIX index collapsed 4.77% to 18.15.

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Market Snapshot

Dow

 +11.33 10,618.19

NASDAQ

 +17.12 2,317.17

S&P 500

 +3.29 1,144.98
Economic
News

Construction Spending (Nov): Consensus: -0.5%, Prior: -0.5%

ISM Index (Dec): Consensus: 54.3, Prior: 53.6

Factory Orders (Nov): Consensus: 0.5%, Prior: 0.6%

Pending Home Sales (Nov): Consensus: -3.0%, Prior: 3.7%

Auto Sales (Dec): Consensus: NA, Prior: 3.8M

Truck Sales (Dec): Consensus: NA, Prior: 4.6M

Challenger Job Cuts (Dec): Consensus: NA, Prior: -72.3%

ADP Employment Report (Dec): Consensus: -75K, Prior: -169K

ISM Services (Dec): Consensus: 50.5, Prior: 48.7

Crude Inventories (12/31): Consensus: NA, Prior: -1.54M

Initial Claims (01/02): Consensus: 445K, Prior: 432K

Average Workweek (Dec): Consensus: 33.2, Prior: 33.2

Hourly Earnings (Dec): Consensus: 0.2%, Prior: 0.1%

Nonfarm Payrolls (Dec): Consensus: 0K, Prior: -11K

Unemployment Rate (Dec): Consensus: 10.1%, Prior: 10.0%

Wholesale Inventories (Nov): Consensus: -0.3%, Prior: 0.3%

Consumer Credit (Nov): Consensus: -$5.0B, Prior: -$3.5B