Bulls See Super Week Ahead
Updated from 7:40 a.m. EST
NEW YORK (TheStreet) -- The major market averages fell last week for the fourth straight time, but the Dow Jones Industrial Average's rally late Friday has put a lift under sentiment turning it bullish to kick off a new trading week.
As of 9:15 a.m., survey-takers who were bullish totaled 51.1%, or 992 of the 1,941 votes cast in TheStreet.com's RealMoney Barometer Poll. Those who were bearish tallied 34.9%, or 677 of the votes cast, while 14%, or 272 participants in the poll were neutral.
Poll-takers chose banks and precious metals to lead the charge for the bulls, with banks holding a slim lead as the sector viewed most likely to rise this week. As far as declining sectors go, metals came in first place, followed closely behind by banks.With the fourth-quarter earnings season beginning to wind down -- reports are expected this week from the likes of Electronic Arts (ERTS), Pulte Homes (PHM), Walt Disney (DIS), Sprint (S), Coca-Cola (KO) and Viacom (VIA) -- the focus again turns to job creation as President Obama is scheduled to meet Tuesday with leaders in Congress to discuss ways to increase employment and boost the economy. And in his weekly radio address on Saturday, Obama called on Congress to use $30 billion from the Troubled Asset Relief Program to begin a program that would provide loans to small businesses. It was jobs, as well as European debt concerns, that played a part for a wacky day of trading on Friday. The Dow topped 10,000 at the close, after losing as much as 167 points during the session. For the week, the Dow lost 0.6%, Nasdaq fell 0.3% and the S&P 500 dipped 0.7%. Earlier in the day Friday the government released mixed messages on the labor picture. The Labor Department said nonfarm payrolls declined by 20,000 in January, when analysts expected a rise of 15,000, but the unemployment rate fell to 9.7% vs. estimates the rate would hold steady at 10%. In corporate news, CIT (CIT), the commercial lender, named John Thain, former Merrill Lynch chief, as its new chairman and chief executive. Thain is the former chief of Merrill Lynch, which was acquired by Bank of America (BAC) in late 2008. > > Bull or Bear? Vote in Our Poll The poll closed at 9:15 a.m. On Monday in Asia, stocks in Tokyo fell 1.1%, while the Hang Seng in Hong Kong declined 0.6%.
As of 9:15 a.m., Britain's FTSE 100 was mostly unchanged. The DAX in Frankfurt was gaining 0.6%.
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