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2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

Stocks Up at Opening

This morning's jobs report was confusing -- unemployment up, job losses down -- but apparently Wall Street likes what it saw, because traders have sent stocks higher this morning.

At the open, the Dow is up 73 points, or .8 percent, to 8,823. The tech dominated Nasdaq is also higher: 14 points, or .8 percent, to 1,861. Meanwhile, the S&P 500 is up 9 points, or .9 percent, to 950.

-- Mike Rosenwald, filling in for Frank Ahrens, who is missed.

By Michael S. Rosenwald  |  June 5, 2009; 9:46 AM ET
Categories:  The Ticker  
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Who’s pulling the strings

I need someone to explain to me why the market continues to go up. I could understand if there were ‘good’ economic news coming out every week or every month, but the news is only ‘less’ bad. It does not make sense to me.

Lets look at the last two time the market was at the 8700 point (1997 & 2003). 1997 the unemployment was 4.9 and DROPPING, now it is 9.4 and climbing. Is that a reason for the market to go up? In 2003, the unemployment was 6.0 and DROPPING, but today it is 9.4 and CLIMBING. That is not the only difference.

The GDP in 1997 was 3.2 and increasing. In 2003, the GDP was 2.45 and increasing. However, we are now in contraction. We are in the negative and still shrinking. Is that a reason for the market to go up?

There are many more differences however; I believe I have made my point. Now, if someone would be so kind as to tell who is pulling the strings or explain to me why the stock market ‘should’ be going up.

Thank you
Dr. Edwin Weaver

Posted by: DoctorWeaver | June 9, 2009 4:12 AM | Report abuse

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