Markets Roar, Jobs Climb, Oil Advances

  • July 30, 2008
  • David Goodboy

The major indexes roared ahead today on better than expected job data despite a sharp increase in oil prices. The DJIA gained +187.35 to 11584.91, the Nasdaq added +10.10 to 2329.72 and the broad based S&P 500 jumped ahead by +20.98 to 1284.17.

Avon Products
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PowerRating) – The direct sales organization rose 17.62% or $6.62 to $44.20/share after second quarter profits beat analysts estimates. The company attributes the success to strong sales in Brazil and Russia.

Dentsply
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Garmin
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Sealed Air
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PowerRating) – Disappointing earnings caused the packaging material maker to fall .89% or .19 cents to $21.24/share. The company is cutting its workforce to add to the bottom line.

Oil skyrocketed 3.94% or $4.81 to $127.00/barrel due to unexpected decline in US gasoline supplies. Gold fell $8.70 to $917.70/oz and the VIX slipped 3.72% to 21.21.

Market Snapshot

Dow

 +187.35 11584.91

NASDAQ

 +10.10 2329.72

S&P 500

 +20.98 1284.17

Economic
News

Consumer Confidence (Jul): Consensus 50.0, Prior 50.4

ADP Employment (Jul): Consensus -60K, Prior -79K

Crude Inventories (07/26): Consensus NA, Prior -1558K

Chain Deflater (Q2): Consensus 2.3%, Prior 2.7%

Employment Cost Index (Q2): Consensus 0.7%, Prior 0.7%

GDP-Adv. (Q2): Consensus 2.3%, Prior 1.0%

Initial Claims (07/26): Consensus 395K, Prior 406K

Chicago PM (Q2): Consensus 49.0, Prior 49.6

Auto Sales (Jul): Consensus NA, Prior 4.9M

Truck Sales (Jul): Consensus NA, Prior 5.0M

Average Workweek (Jul): Consensus 33.7, Prior 33.7

Hourly Earnings (Jul): Consensus 0.3%, Prior 0.3%

Nonfarm Payrolls (Jul): Consensus -75K, Prior -62K

Unemployment Rate (Jul): Consensus 5.6%, Prior 5.5%

Construction Spending (Jun): Consensus -0.3%, Prior -0.4%

ISM Index (Jul): Consensus 49.2, Prior 50.2

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