Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

The Little Rally That Could Chugs Upward and Onward


Today's financial recap and Monday's financial outlook.

This morning, the eagerly awaited nonfarm payrolls report was released. The US added 157K jobs in January, which was slightly below the 165K consensus. Additionally, the unemployment rate ticked up to 7.9%, which was worse than expected.

But on the plus side, the December number was revised up to 196K from 155K.

Following the jobs report, the market saw a tiny spike upward followed by a decline.

However, the 10:00 a.m. ET ISM manufacturing numbers were above consensus, driving an impressive stock rally with notable strength in the tech-heavy Nasdaq (INDEXNASDAQ:.IXIC), financials, and small caps. We also saw bonds fall on the news with yields rising steadily into the close.

In earnings, we saw better-than-expected earnings from Exxon Mobil (NYSE:XOM), Merck (NYSE:MRK), and Ingersoll-Rand (NYSE:IR), with misses from Chevron (NYSE:CVX) and Legg Mason (NYSE:LM).

All in all, it was an impressive day, which brought the S&P 500's (INDEXSP:.INX) into positive territory for the week as the little-rally-that-could continues to chug upward and onward.

Monday's Financial Outlook

On Monday, factory orders will be released at 10:00 a.m. ET. In earnings, we'll see reports from HCA (NYSE:HCA), Humana (NYSE:HUM), and Royal Caribbean (NYSE:RCL) before the open, with Anadarko Petroleum (NYSE:APC), Baidu (NASDAQ:BIDU), and Yum Brands (NYSE:YUM) coming after the close.

And on a random note, Research In Motion (NASDAQ:RIMM) will begin trading under the name BlackBerry, with the ticker BRRY.

Twitter: @Minyanville

Follow the markets all day every day with a FREE 14 day trial to Buzz & Banter. Over 30 professional traders share their ideas in real-time. Learn more.
< Previous
  • 1
Next >
No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

Featured Videos