Friday, July 6, 2007

Benign Jobs Data Spurs Stocks

The Labor Department set the tone on Friday, with a report suggesting the US economy is growing at a moderate pace, creating 132,000 new jobs in June. On the news - released an hour prior to the opening bell, investors snatched up shares even as oil prices approached all-time highs.

Dow 13,611.68 +45.84; NASDAQ 2,666.51 +9.86; S&P 500 1,530.44 +5.04; NYSE Composite 10,075.39 +49.15

While the new jobs created were in line with expectations, the continuing rise in the price of oil - up a full $1 on the NYMERC to $72.81 - may be expected, though hardly welcome.

Advancing issues outpaced decliners by a 7-5 margin, There were 459 new highs to just 112 new lows. The numbers suggest the markets are ready for another upsurge, with the Dow poised just 65 points short of recent highs set on June 4.

Gold and silver fought back to levels seen on Tuesday. Overall, the week was more marking time for the metals than anything substantive.

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