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Dollar climbs after weak jobs report (CNNMoney)

Admin — Sat, 07 Nov 2009 01:34:22 +0000

The greenback and the Japanese yen climb as investors seek safety following a worse-than-expected report on the U.S. job market

The dollar and yen rose Friday after a report showed the U.S. unemployment rate spiked and the economy lost more jobs than expected, stoking concerns about the U.S. economy and restoring safe-haven demand for both currencies.

The news dashed hopes the recession was ending after recent gross domestic product and jobless claims readings had seemed to indicate a recovery. With the labor market still weak, U.S. consumer sentiment and spending will likely remain under pressure, analysts said. [Full Story]

Stock Market Shrugs Off Jobs Report (BusinessWeek)

Admin — Sat, 07 Nov 2009 01:26:14 +0000

Major indexes finished higher Friday, led by industrial stocks, despite news that the U.S. jobless rate topped 10% in October, U.S. stock indexes closed higher Friday as investors snapped up industrial and other selected issues after an earlier market decline that was fueled by news the U.S. economy lost 190,000 jobs and the jobless rate hit a 26-year high of 10.2% in October. The late rally drove the Dow industrials above 10,000 for a second day.

On Friday, the 30-stock Dow Jones industrial average finished higher by 17.46 points, or 0.17%, at 10,023.42. The broad Standard & Poor’s 500-stock index was up 2.67 points, or 0.25%, at 1,069.30. The tech-heavy Nasdaq composite index gained 7.12 points, or 0.34%, to 2,112.44 [Full Story]

Treasurys pop after jobs report (CNNMoney)

Admin — Sat, 07 Nov 2009 01:14:32 +0000

Government debt prices move higher after Labor Department reports unemployment rate spiked to 10.2%. Treasury prices were higher Friday after the government reported that unemployment spiked to 10.2% — its highest level since April 1983.

The jump raised demand for the perceived safety of government-backed debt, which typically attracts investors in times of economic uncertainty.

But gains were limited ahead of next week’s $81 billion record refunding, which includes 2-year and 10-year notes, along with the 30-year bond.

Gold breaks $1,100 Gold rally to continue

Admin — Sat, 07 Nov 2009 01:08:08 +0000

Gold powered through $1,100 an ounce Friday after the U.S. government said the nation’s unemployment rate rose more than expected last month, fueling demand for the metal as a safe haven.

December gold jumped $6.40 and settled at 1,095.70 an ounce after surging to an all-time high of $1,101.90 an ounce earlier.

Prices spiked after the Labor Department said the unemployment rate rose to 10.2% in October from 9.8% the month before. That marks the highest level since April 1983. Economists had forecast an increase to 9.9% [Full Story]

Meet the new leaders of banking – CNNMoney

Admin — Fri, 06 Nov 2009 16:16:40 +0000

JPMorgan and Wells may steal the headlines. But smaller banks like Chicago’s MB Financial and L.A.’s City National are quietly rising through the ranks. JPMorgan Chase, Wells Fargo and other bank behemoths have bulked up over the past year. But they’re not the only ones getting bigger these days.

Dozens of small banks that were otherwise anonymous in the years leading up to the financial crisis have also enjoyed robust growth in recent months.

Some of them have expanded so rapidly, in fact, that they have transformed themselves into what some argue is the next generation of regional banking leaders. [Full Story]