Stocks surge on drop in unemployment
Stocks surged into a rally this morning, following the government's news that the November unemployment rate dropped to 10 percent from 10.2 percent in October.
In the first 30 minutes of trading, the Dow is up 1.1 percent.
The broader S&P 500 is up 1.4 percent and the tech-heavy Nasdaq is up 1.7 percent.
This may be the "coiled spring" you've been hearing so much about in recent months: the markets -- which have flattened -- waiting for some piece of legitimate, fundamentals-based good news to start a second rally.
Employers cut the smallest number of jobs in November since the recession began.
I'll be digging into the new unemployment number here shortly. Be sure to check back.
-- Frank Ahrens
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December 4, 2009; 10:14 AM ET
Categories: The Ticker | Tags: Dow Jones, nasdaq, s&p 500, unemployment
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