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Modestly Higher Close Despite Higher Unemployment

MarketMinute.com Market Updates

Published: 11/06/09 03:41 PM EST

Despite a gain in the unemployment rate, the markets rose to close modestly higher with the Dow climbing 17 points to 10,023 as crude oil prices slipped. Nasdaq rose 7 points to 2112.

On the upside

Magna International (MGA) reported an unexpected profit for the third quarter prompting an upgrade.

Shares of airline stocks AirTran Holdings (AAI), Continental Airlines (CAL) and US Airways Group (LCC) all rose as crude oil prices retreated.

KeyBanc Capital Markets analyst Tahira Afzal upgraded Willbros Group (WG) citing improving operations.

On the downside

Move (MOVE) reported lower third quarter revenue prompting a downgrade.

Sapient (SAPE) blamed special charges for third quarter earnings that plummeted.

Red Robin Gourmet Burgers (NYSE: RRGB) blamed the economic downturn for lower third quarter revenue and earnings.

In the broad market, advancing issues outpaced decliners by a margin of nearly 10 to 9 on the NYSE and while decliners edged out advancers by more than 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a fraction to 580.

Tue, Nov 24, 2009
03:40 PM		Markets Close Lower Over Weak Economic Data A downward revision of the nation's economic growth along with a weak reading of consumer confidence weighed the markets down to a modestly lower close with the Dow slipping 17 points to 10,433. Nasdaq lost 6 points to 2169.
12:46 PM		Languishing Consumer Confidence Weighs Down Markets Consumer confidence continued to languish in October while the nation's economic growth was revised downward. The markets traded lower during the midday with the Dow falling 39 points to 10,411. Nasdaq dropped 12 points to 2163.
08:45 AM		Markets Open Lower As Economic Growth Revised Downward The markets opened lower as the nation's economic growth in the third quarter was revised downward. The Dow lost 46 points to 10,404 while Nasdaq fell 10 points to 2165.
Mon, Nov 23, 2009
03:31 PM		Unexpected Surge In Home Sales Boosts Markets The markets closed sharply higher with the Dow jumping 132 points to 10,450 as home sales surged unexpectedly in October. Nasdaq surged 29 points to 2176.
12:38 PM		Rebounding Home Sales Lift Markets A surprising rebound in home sales lifted the markets higher during the midday with the Dow leaping 130 points to 10,448. Nasdaq climbed 29 points to 2175.
08:58 AM		Markets Open Higher As Home Sales Soar The markets opened higher with the Dow soaring 144 points to 10,462 as October home sales climbed more than expected to a 2 1/2 year high. Nasdaq surged 37 points to 2183.
Fri, Nov 20, 2009
03:54 PM		Modestly Lower Close As Earnings Disappoint Investors sold off to send the markets down to a modestly lower close with the Dow losing 14 points to 10,318 over disappointing corporate earnings. Nasdaq fell 10 points to 2146.
12:20 PM		Markets Down As Earnings Disappoint Disappointing earnings news weighed down the markets during the midday with the Dow falling 43 points to 10,289. Nasdaq lost 16 points to 2140.
08:45 AM		Stocks Open Lower as Tech Sector Retreats Investors continued to cash in on recent gains as technology companies lowered their outlook. The Dow lost 15 points to 10,317 while Nasdaq dropped a steeper 16 points to 2140
Thu, Nov 19, 2009
03:41 PM		Record Mortgage Delinquencies Send Markets Tumbling Disappointing earnings and record mortgage delinquencies weighed on investors who sold off to send the markets down to a lower close with the Dow tumbling 93 points to 10,332. Nasdaq plunged 36 points to 2156.
12:11 PM		Record Number Of Mortgage Delinquencies, Markets Tumble A record number of mortgage delinquencies sent the markets tumbling during the midday with the Dow plunging 131 points to 10,294. Nasdaq plummeted 41 points to 2151.
08:40 AM		Stocks Open Lower on Stronger Dollar Investors continued to cash in on recent gains as the dollar gained strength in overnight trading. 1st time unemployment claims for last week stayed unchanged at 505,000 as job growth remained elusive. The Dow fell 82 points to 10,343 while Nasdaq lost 24 points to 2168.
Wed, Nov 18, 2009
04:15 PM		Drop In Home Construction Weighs Down Markets A sharp drop in home construction weighed down the markets to a modestly lower close with the Dow slipping 11 points to 10,426. Nasdaq lost 10 points to 2193.
12:13 PM		Markets Down Over Unexpected Drop In Home Construction An unexpected drop in home construction activity weighed down the markets during the midday with the Dow falling 58 points to 10,378. Nasdaq dropped 19 points to 2184.
08:50 AM		Stocks Open Lower on Housing Starts Decline Investors cashed in on recent gains after October housing starts fell to their lowest level in six months. The software sector was particularly weak due to lower guidance. The Dow gave up 43 points to 10,393 while Nasdaq tumbled 18 points to 2185.
Tue, Nov 17, 2009
03:39 PM		Upbeat Prospects Lift Markets To Modestly Higher Close Investors lifted the markets to a modestly higher close with the Dow rising 30 points to 10,437 after analysts provided upbeat prospects for Microsoft and Exxon Mobil. Nasdaq gained 5 points to 2203.
12:44 PM		Markets Flat Over Disappointing Earnings The markets traded near the flatline during the midday with the Dow adding 6 points to 10,413 over disappointing earnings. Nasdaq eased a point to 2196.
08:45 AM		Stocks Opened Lower on Mixed Economic News Investors took a breather from yesterday's rally to mull over the latest batch of economic data and corporate earnings reports while remaining concerned about consumer spending and job creation. The Dow slipped 2 points to 10,404 while Nasdaq gave up a point to 2196.
Mon, Nov 16, 2009
03:48 PM		Bernanke's Comments Spark Rally Comments by Federal Reserve Chairman Ben Bernanke that interest rates will likely remain low sparked a rally to send the markets soaring to a sharply higher close with the Dow leaping 136 points to 10,406. Nasdaq surged 29 points to 2197.
12:39 PM		Better Than Expected Retail Sales Lifts Markets Better than expected October retail sales sent the markets soaring during the midday with the Dow jumping 134 points to 10,405. Nasdaq surged 30 points to 2198.
09:00 AM		Stocks Open Higher on Positive Retail Sales Report October retail sales received a strong boost from auto sales and stimulus programs. The Dow surged 87 points to 10,357 while Nasdaq leaped 25 points to 2193.
Fri, Nov 13, 2009
03:52 PM		Higher Close Over Upbeat Earnings Despite a drop in consumer confidence, the markets closed higher with the Dow rising 73 points to 10,270 over upbeat earnings. Nasdaq gained 18 points to 2167.
12:44 PM		Upbeat Earnings Lift Markets Investors focused on upbeat earnings to lift the markets higher during the midday with the Dow gaining 84 points to 10,281. Nasdaq climbed 19 points to 2168.
08:50 AM		Stocks Open Higher as Investors Mull U.S. Trade Deficit Increase The U.S. trade deficit widened to $36.5 billion due to a large increase in imports that outpaced export growth, according to the Commerce Department. Investors also focused on corporate earnings which helped to lift the Dow up 26 points to 10,224 while Nasdaq added 7 points to 2155.
Thu, Nov 12, 2009
03:40 PM		Record Federal Deficit Weighs Down Markets A record federal deficit in October weighed down the markets to a lower close with the Dow tumbling 93 points to 10,197. Nasdaq dropped 17 points to 2149.
11:56 AM		Same Store Sales Drop For Wal-Mart, Markets Slip The markets slipped during the midday with the Dow falling 47 points to 10,244 after Wal-Mart reported a drop in same store sales. Nasdaq lost 5 points to 2161.
08:50 AM		Stocks Open Mixed on Improving Job Outlook 1st time unemployment claims for the last week were expected to fall as the economy slowly recovered. Meanwhile, investors were focused on Hewlett-Packard's bid for 3Com. The Dow lost 6 points to 10,284 while Nasdaq edged up 3 points to 2170.
Wed, Nov 11, 2009
03:41 PM		Dollar Extends Slide, Markets Up The dollar extended its slide to lift the markets to a modestly higher close with the Dow gaining 44 points to 10,291. Nasdaq rose 15 points to 2166.
11:58 AM		Markets Up With Interest Rates Poised To Remain Low The markets traded modestly higher during the midday with the Dow gaining 41 points to 10,288 over indications that the Federal Reserve will continue to hold down interest rates. Nasdaq rose 13 points to 2164.
09:00 AM		Stocks Open Higher on Strength of Global Economic Recovery Encouraged by economic growth and stimulus in China and Japan, investors continued to buy stocks across the board. The Dow rose 78 points to 10,325 while Nasdaq surged 24 points to 2175.
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