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VIDEOStock Market Preview: Jobs Data Better Than Expected
By
Nick Gwiazda Sep 03, 2010 9:20 am
Jobs report proved better than expected, Warren Buffett shows little confidence in US economy, and much more.
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In an effort to boost job growth, President Barack Obama is looking to extend R&D tax credits. Obama is also contemplating payroll tax breaks, as well as small-business infrastructure tax breaks.
In the Gulf, BP’s (BP) clean-up costs have just reached $8 billion. BP is currently banned from drilling in the Gulf of Mexico, which could potentially prevent it from making its escrow fund payments.
Wheat prices continued to soar in Chicago, rising to $7.2475 per bushel, taking this week’s gain to 4.3%. Riots and strikes have resulted in Mozambique in response to higher food and utility costs.
Crude oil continues to decline this week ahead of jobs data. For the week, oil is down about 1%
In billionaire news, Warren Buffett is looking to diversify his portfolio of investments with a land acquisition in Brazil. Such a move could be telling of Buffett’s confidence in the US economy.
Also in Brazil, Petrobras (PBR) looks to buy back as much as $75 billion worth of stock in an effort to boost its stock price. Petrobras now looks to include new voting and preferred shares as parts of the buyback.
Take-Two Interactive’s (TTWO) stock jumped 15% after hours yesterday after reporting an unexpected third-quarter profit. Take-Two also boosted its fourth-quarter earnings outlook.
No positions in stocks mentioned.
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