Stocks soared today, on reports which showed that hiring in the US increased more than forecasted for May, signaling economic resilience that suggests the Federal Reserve may begin tapering its monetary stimulus later this year. According to former director of the Fed’s Division of Monetary Affairs, Bernanke will have to see four months of job growth averaging at least 200K to justify scaling back the pace of asset purchases.
The US added 175K jobs last month, up from a revised 149K the month before, the Labor Department reported on Friday before the market opened. A separate reading showed that the unemployment rate inched higher to 7.6%, but the rise was said to be largely driven by more workers entering the labor force.
Officials at the U.S. central bank have intimated they could be close to reducing bond purchases despite modest economic growth, which is not expected to pick up until late in...
Driving the market this week was a never-ending plug of stories questioning the Fed’s ongoing stimulus program and when they would begin to curtail its support. Add in the employment numbers see-saw and reactions to overseas markets to carry out the week.
Central Bank - Will You or Won’t You?
It is the ongoing story this week as economic data and news led to ongoing market speculation on what will push the Fed to taper its bond...
On Friday, June 7, executives and guests of Des Plaines, Illinois-based Schawk, Inc., (NYSE: SGK) a provider of brand development and brand deployment services, will visit the New York Stock Exchange (NYSE) to mark the company’s 60th anniversary and signal a new step forward in the Company’s evolution.
In honor of the occasion, Chairman of the Board, Clarence W. Schawk will ring The Opening Bell. Founded by Clarence W. Schawk as a one-man suburban Chicago-based platemaking operation, the Company has grown to over 3,600 employees at more than 150 locations and has evolved to offer integrated brand development and brand deployment services in more than 26 countries. The Company provides its services to many of the world’s leading consumer goods, retail and life sciences companies including more than 25...
From The Trading Floor: Stocks are trading well into the green this morning as the Labor Department announced that U.S. added 175,000 jobs in May, indicating the economy was expanding modestly, but not enough to convince the Federal Reserve to pare back its bond-buying program.
The Labor Department said that payrolls increased in the U.S. by 175,000, more than forecast in May as more Americans entered the workforce indicating that employers were more optimistic about the economy. It also revised down by 12,000 the payroll gains for the previous two months.
The unemployment rate rose to 7.6% from 7.5%
The Nikkei entered bear market territory last night, down 20% off its recent highs — which is the technical definition of a bear market.
German industrial production rose 1.8% month-over-month in April. It was up 1% form a year ago. This was boosted by increased construction activity.
Ahead of the Bell: Dow futures are trading down 5 points and S&P futures are trading down 2 points. Equity markets are under pressure this morning, as US hiring's are seen pointing to an economy that is growing modestly and still needs stimulus from the Federal Reserve. Stocks are poised for a third straight week of losses amid mixed economic data. The May employment report will be in focus today, it will provide the central bank more clues as it decides to scale back its monetary policy. According to economists surveyed, the private sector is forecasted to have added 167K jobs in the month compared with 165K for April, while the unemployment rate is expected to hold steady at 7.5%.
Other reports on the economic calendar today, include consumer credit which will be release in the afternoon and it is forecasted to be $14.0B compared with $8.0B. The dollar is up against the euro and Japanese yen and...