Mid-Day Market Update: Markets Rise, Shippers Rally
Mid-way through trading Friday, the Dow traded up 0.16 percent to 13,412.18 while the NASDAQ rose 0.09 percent to 3,103.24. The S&P also rose, increasing 0.31 percent to 1,463.02.
At the top of the headlines today, the U.S. unemployment numbers were released, coming in at 7.8 percent, edging slightly higher than the November report of 7.7 percent. The report showed that the economy had added 155,000 jobs, not enough to affect the overall number.
Equities Trading UP
DryShips (NASDAQ: DRYS) saw quite a boost Friday, rising 17.92 percent to $2.04, possibly linked to a resolution with Longshoremen's Association.
Shares of Harvest Natural Resources (NYSE: HNR) were also up, gaining 13.03 percent to $10.41 after the announcement of its gabon offshore discovery.
Krispy Kreme Doughnuts (NYSE: KKD) saw a boost as well, trading up 8.92 percent to $10.99 after Longbow initiated the company with a Buy rating and a $15.00 price target.
Equities Trading DOWN
Bill Barrett (NYSE: BBG) fell early in trading, leveling out by midday, trading down 5.78 percent to $18.09 after issuing some guidance this morning.
Finish Line (NASDAQ: FINL) was down as well, falling 6.41 percent to $17.82 after posting a big miss on earnings Friday morning.
Shares of Coinstar (NASDAQ: CSTR) dropped 4.98 percent to $49.46 after the company announced that its CEO would step down in March.
In commodity news, oil traded down 0.45 percent to $92.50, while gold traded down 1.77 percent to $1,644.90.
Silver traded down 0.94 percent Friday to $29.78.
In the Euro zone this morning, markets were largely down across the board as the FOMC minutes showed a possibility of less easing in the near future.
In economic news Friday, the jobs numbers for December were released, and were fairly mixed. The Unemployment rate came in at 7.8 percent, above the projected 7.7 percent, but equal to November's report.
Manufacturing payrolls came in at 25.0 thousand, above the anticipated 4.0 thousand and the prior release of 5.0 thousand.
Private sector payrolls were also reported, coming in at 168 thousand, above the projected 155 thousand, but slightly below the last report of 171 thousand.
ADP nonfarm employment was reported as well, coming in at 215 thousand, well above the projected 133 thousand and the prior release of 148 thousand.
Closing out the jobs report was nonfarm payrolls. Coming in at 155 thousand, it beat estimates of 152 thousand, but missed November's report of 161 thousand.
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