This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Stocks Close Higher Despite Job Losses

NEW YORK ( TheStreet) -- Stocks overcame early losses to close higher Friday, as rallying technology and industrial stocks outweighed a much larger-than-expected number of job losses in December.

The Dow Jones Industrial Average added 11 points, or 0.1%, at 10,618. The S&P 500 climbed 3 points, or 0.3%, at 1145, and the tech-heavy Nasdaq gained 17 points, or 0.7%, at 2317.

The major market averages finished the first trading week of the new year on an up note, with the Dow going higher by 1.8%, the S&P rising 2.7% and the Nasdaq moving up by 2.1%.

>>Five Cheap Small-Cap Stocks to Buy

Tech bellwethers Microsoft (MSFT), Intel (INTC), Hewlett-Packard (HPQ) and Cisco (CSCO) charted an upward course for the Dow, rising 0.7%, 1.1%, 0.8% and 0.5%, respectively.

After outpacing other sectors on Thursday, financial stocks retreated Friday after a Citi analyst cut his views on Goldman Sachs (GS), JPMorgan Chase (JPM), Morgan Stanley (MS) and Bank of America (BAC - Get Report). Shares traded lower by 1.9%, 0.3%, 2% and 0.9%, respectively.

Alcoa (AA) led percentage advancers on the Dow, rising 2.5% Friday. As the first of the blue-chip average components to report quarterly results, the aluminum-producer will kick off earnings season Monday, with average estimates from Reuters calling for earnings of 6 cents a share on $4.8 billion in revenue.

Coca-Cola (KO - Get Report) was the Dow's biggest laggard, with shares down 1.9% after JPMorgan downgraded the company to neutral from overweight.

Stocks spent much of their day just below the flatline after the Labor Department said the unemployment rate held at 10% in December and nonfarm payrolls dropped 85,000, for a total decrease of 4.2 million jobs in 2009. The government also upwardly revised November's figure to an increase of 4,000 payrolls from an initially reported decline of 11,000.
1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
APOL $12.88 0.00%
AKS $3.87 0.00%
BAC $17.24 1.30%
KO $39.23 0.00%
UPS $96.91 0.00%

Markets

DOW 17,619.51 +23.16 0.13%
S&P 500 2,063.11 +5.48 0.27%
NASDAQ 4,986.8670 +28.3990 0.57%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs