Stocks Mostly Higher After Jobs Data
Trends are lasting about two minutes each today, but, approaching midday, the market looked as if it was starting to take the
Labor Department's
non-threatening
employment report to heart.
After surging at the open and then shyly backing all the way into shallow negative territory, the
Nasdaq Composite Index
lately was up 13 to 2486.
Intel
(INTC) - Get Report
was leading the index's bellwethers, up 1 3/8 to 61 1/16.
Small-cap issues were near break-even, with the
Russell 2000
and
S&P SmallCap 600
both fractionally lower. Internet stocks were looking flat, with
TheStreet.com Internet Sector
index up fractionally at 612.
The
Dow Jones Industrial Average
and the
S&P 500
were up 25 to 10,972 and 6 to 1338, respectively.
The bond market was climbing back from a strange, quick early selloff this morning. The benchmark 30-year Treasury was up 6 to 92 18/32, its yield dropping to 5.78%.
Market internals weren't telling any tales.
New York Stock Exchange
decliners were leading advancers 1,416 to 1,308 on 388 million shares. On the
Nasdaq Stock Market
, 1,708 advancers were trailing 1,769 decliners on 404 million shares.
Most active on the NYSE was
America Online
(AOL)
, up 1 to 120 3/4 on 19 million shares.
Microsoft
(MSFT) - Get Report
was the Nasdaq's most active issue, with 11 million shares changing hands. It was up 13/16 to 78 3/4.
Tech Focus
The
Philadelphia Stock Exchange Semiconductor Index
was leading the major tech indices, up fractionally. The
Morgan Stanley High-Tech
was also up fractionally.
Computer hardware maker
Qlogic
(QLGC)
was burning up the Nasdaq, up 16 5/8 to 92 1/2 after the company last night posted first-quarter earnings of 45 cents a share, a nickel above the 6-analyst
First Call
consensus and well up from the previous year's 23 cents.
Network connectivity firm
Emulex
(EMLX)
was also on fire, up 10 5/8 to 59 1/16. An Emulex spokesman attributed the action to the company's roadshow for its upcoming 2.1 million-share secondary offering.
10:55 a.m.: Stocks Modestly Higher in Volatile Trading
If your broker tells you he understands what's going on in the market today, you might consider quietly moving your account someplace else.
"I'm so baffled about the whole thing," said Ned Collins, executive vice president of U.S. stocks at
Daiwa Securities America
.
There are simply too many cross-currents out there, and the action is far to choppy, for anyone to really know. The trading is most bizarre in the Treasury market, which has gone all over the place in reaction to an April
jobs report
that should have been unambiguously bond friendly. But the long bond's been all over the place. Up as much as 29/32, down as much as 14/32, it was lately up 9/32 to 92 22/32, dropping the yield to 5.77%.
And the stock market has been following the Treasuries around all morning. Which is to say that it's up. The stocks that performed the worst yesterday -- tech and other growth issues -- are faring the best, while things like the cyclicals, which yesterday posted gains, are acting like also-rans.
The
Dow Jones Industrial Average
was up 13 to 10,960 and the S&P 500 was up 5 to 1337. The tech-buoyed
Nasdaq Composite Index
was up 10 to 2482.
TheStreet.com Internet Sector
index was up 1 to 613. The
Russell 2000
was up 1 to 434.
And so the market continues to defy those who expect a correction. "A lot of people are trying to wish the market down," said Collins. "But somehow it doesn't seem to want to comply with any wishes"
--
Justin Lahart
10:04 a.m.: Stocks Climb on Jobs Data
A market-friendly April
employment report has Wall Street's major stock indices trending higher, but the battered bond market still can't get much going.
The benchmark 30-year Treasury jumped just after the 8:30 a.m. EDT jobs release but lately was up just 3/32 to 92 14/32, its yield at 5.79%.
The
Dow Jones Industrial Average
was up 19 to 10,965 and the
S&P 500
was up 5 to 1337. The tech-spiced
Nasdaq Composite Index
was up 23 to 2496.
TheStreet.com Internet Sector
index was up 13 to 625. The
Russell 2000
was up 2 to 435.
Most Up at Open -- NYSE
Sterling Commerce (SE) - Get Report, up 3 1/8 to 36 1/8:
The company late
yesterday posted earnings in line with expectations;
Warburg Dillon Read
today upped it to buy from hold.
Most Up at Open -- Nasdaq
QLogic (QLGC) , up 11 1/2 to 87 3/8:
The company late yesterday reported stronger-than-expected earnings.
Most Down at Open -- NYSE
Newmont Mining (NEM) - Get Report, down 3 1/16 to 23.
Most Down at Open -- Nasdaq
VerticalNet (VERT) , down 2 1/8 to 100 1/8.
--
John J. Edwards III
