Markets Shrug Off Jobs News, Stage Opening Rally
Possibly because we are living in the Era of Diminished Expectations, Wall Street jumped out of the gates following the release this morning of absolutely dismal unemployment news.
The government said that employers slashed nearly 600,000 jobs in January, pushing the national unemployment rate to 7.6 percent.
But bad jobs numbers were already "baked into" the markets, as they say, so in the first 15 minutes of trading, the Dow is up about 112 points, or more than 1 percent.
The S&P 500 is and the Nasdaq are both up well more than 1 percent.
Overseas, the Chinese stock market was up 4 percent, its biggest jump since October.
-- Frank Ahrens
By
Frank Ahrens
|
February 6, 2009; 9:51 AM ET
Categories:
The Ticker
| Tags: China, Dow Jones, nasdaq, s&p 500
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