Stocks Open Higher Today
September 8, 2010
The Dow Jones Industrial Average opened higher today, up 10 points, the NASDAQ was up 4.25 points, and the S&P 500 was up 1 point. Sell offs of US stocks were heard and felt in Asia, causing the Asian Markets to sink a bit, though American stocks bounced back a little today.
The American dollar hit a 15-year low against the Japanese Yen today. European stocks made gains after yesterday’s poor bank data.
The unemployment rate is steady today, still holding at a depressing 9.6%, with no relief in sight. Private, non-farm payrolls are not adding jobs and unemployment is a problem right now. The intractable unemployment issue keeps investors headed for Treasury Bonds, which have hit new lows in returns. Investors are also heading toward precious metals as investments, hedging their bets against the threat of rising unemployment and a sinking economy. Even Wall Street, which has become the symbol of excess for many Americans, especially the unemployed, is set to cut 80,000 jobs in the next 18 months, thus adding to unemployment woes. This leads to greater fears about the sinking economy, since Wall Street usually is the last private place to downsize.
Crude oil set for delivery in October hit a price below $75 a barrel yesterday, due to much lower demand during the summer driving season than usual. September is traditionally the month when gas demand drops off sharply, and this year seems to be no exception. Gas prices are expected to stay steady or even decrease this quarter because of low demand.
Early trading is not an indicator of how a particular stock will perform through the day, week or year.
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Post Written By: Market Updates
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