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Dow Jones: Jobs UP

Published by EOTM News Editor on August 5th, 2011 - in Breaking News, Dow Jones, Politics, Tech News

Friday had a better than expected US jobs report according to the Dow Jones.

The jobs data showed employers added 117,000 jobs last month, topping forecasts for a 75,000 increase.

“The market is trying to figure out which way to go,” said Omer Esiner, chief market analyst at Commonwealth Foreign Exchange in Washington. “If stocks open higher, we could get a relief rally” across other assets as well.

Dow Jones Industrial Average futures added 66 points, or 0.5%, to 11432. The index bounced sharply following the jobs data and then pared its advance.

The action follows a Dow tumble of 512 points Thursday, the biggest point drop since Dec. 1, 2008. The blue-chip stock measure is now in the red for the year and has fallen 11% below the 2011 closing high in April, putting the blue-chip index squarely in correction territory.

The dollar initially surged against safe havens like the Swiss franc and yen, but has given up a portion of that rally. It was lower against riskier currencies like the Canadian and Australian dollars after being higher earlier in the session.

The euro spiked against the dollar following the jobs report, but has since given up all those gains because traders remain cautious about the region’s sovereign debt crisis.

The euro was at $1.4165 from $1.4175 just before the jobs report was released, according to EBS via CQG.

The dollar was at Y78.76 from Y78.31. It briefly spiked above Y79 moments after the report.

Dow Jones Data by: Stephen L. Bernard, Dow Jones Newswires

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