The broad indexes ended mixed, even though the U.S. Bureau of Labor Statistics reported that "total employment rose by 873,000 in September, following 3 months of little change," and that the unemployment rate declined to 7.8% from 8.1% in August. The bulk of the new jobs were part-time. The Bureau said "the number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) rose from 8 million in August to 8.6 million in September."
Despite the improvement coming from "involuntary part-time workers," and the stock market's lackluster reaction, the improved top-line unemployment number provided a quick boost for President Obama, following his uncharacteristically weak performance during his first debate with Mitt Romney on Wednesday.
The Federal Reserve Friday afternoon reported that total consumer credit grew by $2.71 billion during August, which was slightly higher than in July, but was 8.0% higher than a year earlier, when July saw total consumer credit declining at an annualized rate of 1.1%.
The KBW Bank Index (I:BKX) pulled back slightly to close at 51.39, with 14 of the 23 index components rounding out the week with gains.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV