Stocks Open on a Mixed Note after Weaker than Forecast Jobs Data, Japan Downgrade
The U.S. equity market opened on a mixed note, following a weaker than expected jobs report and Japan’s credit rating downgrade. The Dow Jones opened slightly higher, while the S&P 500 and the Nasdaq opened higher. Stocks had finished higher on Wednesday, with the Dow Jones crossing the 12,000 mark.
In today’s trading, the Dow Jones opened slightly lower at 11,985.36, the S&P 500 opened slightly higher at 1,297.51, and the Nasdaq opened higher at 2,745.16.
Consumer Cyclical stocks have been the best performers in the S&P 500 in early trading today, up 0.95% currently. Conglomerates are also climbing in early trading, and are currently up 0.59%. Basic Materials stocks are down 0.13%.
ConocoPhillips (NYSE: COP) shares are marginally higher after the company announced its fourth-quarter financial results. The third-largest U.S. oil company reported a 59% increase in its fourth-quarter profit as it benefited from a recovery in the economy as well as higher crude oil prices. ConocoPhillips reported fourth-quarter net income of $2.04 billion, or $1.39 per share, compared with $1.29 billion, or $0.86 per share reported for the same period in the previous year. Shares of ConocoPhillips are currently trading 0.27% higher at $69.44.
AT&T Inc. (NYSE: T) shares are down after the company reported its fourth-quarter financial results. AT&T reported a 60% decline in fourth-quarter profit, primarily due to accounting charges related to its pension program and employee severance. AT&T reported fourth-quarter profit of $1.1 billion, or $0.18 per share, compared with $2.7 billion, or $0.46 per share reported for the same period in the previous year. Excluding the one-time items, AT&T posted a profit of $0.55 per share, compared with $0.50 per share reported for the same period in the previous yea. The company’s fourth-quarter revenue increased 2% to $31.4 billion. Shares of AT&T are down 3.06% to $27.85 currently.
The number of Americans filing for initial jobless claims in the last week rose more than forecast, according to the Labor Department. The figures released by the Labor Department showed that the initial jobless claims for the week ended January 22 climbed 51,000 to 454,000. Economists had forecast initial jobless claims to rise to 405,000.
Meanwhile, Standard & Poor’s overnight downgraded Japan’s credit rating from AA to AA-, citing the country’s fiscal problems.
