Markets Rally Wednesday on Encouraging Job Market Reports
Following a beating on Tuesday where all three major indexes lost around 1.4 percent, Wednesday saw the Dow Jones industrial average gain 151 points, the Standard & Poor’s 500 climb 18 points, and the Nasdaq increase by 48 points, being 1.4 percent, 1.5 percent and 1.9 percent respectively. Among the biggest gains were Dow components Boeing, United Technologies and American Express, while Amazon and Sandisk made good progress in the tech sector. Due to the Thanksgiving weekend, financial markets will not be open on Thursday and will close at 13h00 on Friday.
Tuesday’s sell off on Wall Street was primarily as a response to the financial dilemma facing Ireland and the outbreak of violence on the Korean peninsula, while concerns regarding Spain and Portugal persist. Add to this the gloomy Federal Reserve forecast that economic recovery would be weak and drawn out over a period of years, and it is no wonder that markets responded negatively. They did, however, stabilize overnight, before improving on Wednesday
Next week will provide some interesting highlights as Wall Street investors ponder Black Friday results from retailers. Black Friday is considered to be the unofficial start of the festive season, and sales on that day are generally a good indication of what can be expected in terms of consumer spending as the season progresses.