STOCK MARKET WATCH, Friday October 5

[ozymandius]

Source: du

STOCK MARKET WATCH, Friday October 5, 2007

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 473 LONG DAYS
DAYS SINCE DEMOCRACY DIED (12/12/00) 2464 DAYS
WHERE'S OSAMA BIN-LADEN? 2176 DAYS
DAYS SINCE ENRON COLLAPSE = 2137
Number of Enron Execs in handcuffs = 19
ENRON EXECS CONVICTED = 10
Enron execs conveniently deceased = 3
Other Arrests of Execs = 54

---

U.S. FUTURES & MARKETS INDICATORS
NASDAQ FUTURES-----------------------------S&P FUTURES

---

AT THE CLOSING BELL WHEN BUSH TOOK OFFICE on January 22, 2001
Dow - 10,578.24
Nasdaq - 2,757.91
S&P 500 - 1,342.90
Oil - $27.69/bbl
Gold - $266.70/oz.

AT THE CLOSING BELL ON October 4, 2007

Dow... 13,974.31 +6.26 (+0.04%)
Nasdaq... 2,733.57 +4.14 (+0.15%)
S&P 500... 1,542.84 +3.25 (+0.21%)
Gold future... 743.80 +8.10 (+1.09%)
30-Year Bond 4.77% -0.02 (-0.42%)
10-Yr Bond... 4.52% -0.02 (-0.44%)






GOLD, EURO, YEN, Loonie and Silver

---

PIEHOLE ALERT

Heads Up!
Preliminary info on appearances by Bush & Co. throughout the country. Details & links are added as they become available so check back. And if you know more, are organizing something, or would like to, contact [e-mail]

For information on protests and other actions Citizens For Legitimate Government

---

More Radical Fringe here.


Read more: du

[ozymandius]

1. Market WrapUp

The Bernanke Put Lifts Aussie Dollar to 18-Year High
BY GARY DORSCH

Exercising the Bernanke Put lifted the high-flying Aussie dollar to as high as 89.50 US-cents, this week, its highest in 18-years, and a rise of 16% from the lows of 76.75 US-cents hit on August 16th. The exercise of the Bernanke Put also ignited a strong rally for global commodities, which can benefit Australia’s $744 billion economy, now in its sixteenth consecutive year of expansion.

Australia’s economy advanced 4.3% in the April-June period from a year earlier, the biggest increase in three years. High levels of investment in the Australian mining industry, with the volume of mineral resources production and exports surging to emerging markets in China and India, is a natural stimulant to economic growth. Melbourne-based BHP Billiton said its customers have an undiminished appetite for copper and other metals, with demand driven by China and India.

http://www.financialsense.com/Market/wrapup.htm

[ozymandius]

2. Today's Reports

8:30 AM Nonfarm Payrolls Sep
Briefing Forecast 100K
Market Expects 100K
Prior -4K

8:30 AM Unemployment Rate Sep
Briefing Forecast 4.7%
Market Expects 4.7%
Prior 4.6%

8:30 AM Hourly Earnings Sep
Briefing Forecast 0.3%
Market Expects 0.3%
Prior 0.3%

8:30 AM Average Workweek Sep
Briefing Forecast 33.8
Market Expects 33.8
Prior 33.8

3:00 PM Consumer Credit Aug
Briefing Forecast $10.0B
Market Expects $9.5B
Prior $7.5B

http://biz.yahoo.com/c/e.html

[UpInArms]

20. Bizarre Reports are in!

02. U.S. Sept. job growth seen in health care, food services
8:30 AM ET, Oct 05, 2007 - 1 minute ago

03. U.S. Sept. household employment rises 463,000, most in 2 yrs
8:30 AM ET, Oct 05, 2007 - 1 minute ago

04. U.S. payrolls annual benchmark revision down 297,000
8:30 AM ET, Oct 05, 2007 - 1 minute ago

05. U.S. Sept. public teacher hiring rises 46,000
8:30 AM ET, Oct 05, 2007 - 1 minute ago

06. U.S. Sept. average hourly earnings up 0.4%
8:30 AM ET, Oct 05, 2007 - 1 minute ago

07. U.S. Sept. private-sector payrolls rise 73,000
8:30 AM ET, Oct 05, 2007 - 1 minute ago

08. U.S. Sept. unemployment rate 4.7% as expected
8:30 AM ET, Oct 05, 2007 - 1 minute ago

09. U.S. July, Aug. payrolls revised up 118,000
8:30 AM ET, Oct 05, 2007 - 1 minute ago

10. U.S. Sept. nonfarm payrolls up 110,000 vs. 113,000 expected
8:30 AM ET, Oct 05, 2007 - 1 minute ago

I guess a lot more of us are staying home cleaning house! :crazy:

[Roland99]

25. It's Cheney's Ebay industry

[Theres-a]

26. Household employment=yard sale?

I'll tell you what, I'm a waitress,and business is nothing like it used to be. Not the usual fall slump either.

[yellowdogintexas]

31. my daughter is looking for a second job, because people are buying food instead of tattoos

and piercings.

With everything going up like it is, this does not surprise me. So she went to several places, has had two interviews. At least now is a good time to be looking (Pre-Holiday hiring)


If she can work it out she wants to still do tattoos either just on Friday and Saturday evenings or those two evenings and others by appointment. The owner of the shop agrees she may have to go that route, he just doesn't want her to leave altogether.

[Warpy]

44. Bizarre is right

Look at what happened to the gold, silver and currency markets: half an hour of "whoopie!" followed by "Uh, wait a minute..." That process used to take at least a day.

[UpInArms]

57. Choking on Plastic: U.S. August consumer credit rises 5.9%, or $12.2 bln

06. U.S. August nonrevolving credit rises 4.7%, or $6.0 bln
3:00 PM ET, Oct 05, 2007 - 14 minutes ago

07. U.S. August revolving credit rises 8.1%, or $6.1 bln
3:00 PM ET, Oct 05, 2007 - 14 minutes ago

08. U.S. August consumer credit rises 5.9%, or $12.2 bln
3:00 PM ET, Oct 05, 2007 - 14 minutes ago

[ozymandius]

3. Oil prices slip despite supply news

SINGAPORE - Oil prices inched lower Friday in Asia, after rising overnight the first time in four sessions as investors began to question if supplies of crude and products are sufficient for coming winter demand.

Light, sweet crude for November delivery slipped 18 cents to $81.26 a barrel in Asian electronic trading on the New York Mercantile Exchange by midafternoon in Singapore. The contract rose $1.50 to settle at $81.44 a barrel Thursday in New York.

-cut-

The U.S. Energy Department reported Wednesday that crude inventories rose by 1.2 million barrels last week, while supplies of distillates, which include heating oil, fell by 1.2 million barrels. Traders say the increase in crude supplies is inadequate, especially as winter approaches.

At the end of the third quarter, many U.S. refineries shut down for maintenance and regear their operations to turn out more home heating oil for the winter. The refineries could start returning to production as early as this month and that ramp-up would increase demand for crude oil.

-cut-

Traders shrugged off two reports Thursday that suggest the U.S. economy may be slowing. The Labor Department said applications for unemployment benefits jumped by 16,000 last week, the biggest increase since May and above analyst expectations. The Commerce Department said factory orders dropped by 3.3 percent last month, worse than the 2.8 percent decline analysts forecast.

http://news.yahoo.com/s/ap/oil_prices

[UpInArms]

58. Nov. crude closes at $81.22/brl, down 22 cents

04. Nov. crude closes at $81.22/brl, down 22 cents
3:02 PM ET, Oct 05, 2007 - 12 minutes ago

05. Nov. crude loses 0.5% for the week
3:02 PM ET, Oct 05, 2007 - 12 minutes ago

[ozymandius]

4. Consumer confidence improves in October

WASHINGTON - Confidence in the economy revived as the Federal Reserve's bold interest-rate cut and less turmoil on Wall Street made people feel better about the country's prospects of surviving a painful credit crunch and housing slump.

The RBC Cash Index showed consumer confidence rose to 80.6 in early October. That was an improvement from September's reading of 71.1, the lowest in nearly 1 1/2 years. The index is based on the results of the international polling firm Ipsos.

"Consumers are cautiously more optimistic than a month ago," said Peter Morici, an economist and business professor at the University of Maryland. "There is a growing sense that the credit crisis is resolving. It is not wholly resolved but it is resolving."

To help stem the crisis and stave off a recession, the Fed lowered a key interest rate for the first time in four years. It sliced the rate by one-half of percentage point to 4.75 percent. The Fed hopes this will induce individuals and companies to spend and invest more, developments that would energize overall economic activity.

http://news.yahoo.com/s/ap/20071005/ap_on_bi_ge/ipsos_consumer_confidence

[Theres-a]

28. "There is a growing sense that the credit crisis is resolving."

Liars. On the contrary,there is a growing sense that the water in the pot is boiling! Ribbit.

[Hugin]

49. This is surprising...

No longer are the leaps of consumer confidence coming from the Kool-ade drinkers in Michigan like they were.

I believe this one about as far, tho.

[ozymandius]

5. September jobs seen bouncing back from surprise dip

WASHINGTON (Reuters) - The U.S. economy added a solid but unspectacular 94,000 jobs in September, bouncing back from the first drop in monthly hiring in four years during August, economists surveyed by Reuters forecast.

None of 81 economists polled by Reuters ahead of Friday's intensely awaited report on employment forecast a repeat of August's shock announcement when 4,000 jobs outside the farm sector were lost.

But even if jobs are created at the anticipated pace, it may be seen by financial markets at best as indicating that job prospects are dimming gradually instead of precipitously in response to weakening housing and mortgage sectors.

Analysts forecast the September unemployment rate will tick up to 4.7 percent from 4.6 percent.

http://news.yahoo.com/s/nm/20071005/bs_nm/usa_economy_jobs_dc

[ozymandius]

7. Jobs: Brace for more weakness

NEW YORK (CNNMoney.com) -- The big and unexpected job loss in August shook economists and investors, and while the September report due Friday is expected to show a hiring rebound, job seekers should still be nervous.

The Labor Department on Friday will release its closely watched jobs report, the first such reading since the August report showed the first drop in workers on U.S. payrolls in four years.

That job loss set off alarm bells and helped open the door for the Federal Reserve to make its first interest rate cut in four years at its September meeting. Economists and investors will be watching Friday's report closely to see what it means for future Fed action.

The job report is important beyond the Fed and interest rates.

Stuart Hoffman, chief economist with PNC Financial Services Group, said that if the September jobs report is again much weaker than expected, especially if it shows another drop in employment, it will be very bad news for the economy.

http://money.cnn.com/2007/10/04/news/economy/jobs_outlook/index.htm?postversion=2007100415

[Roland99]

12. 8:30U.S. payrolls annual benchmark revision down 297,000

[Roland99]

19. CNBC: Jobs gain 110,000 in Sept. 2007. Unemployment 4.7%. Sept. private-sector payrolls rise 73k

[Roland99]

21. Detail behind the jobs numbers >>>>

http://www.marketwatch.com/news/story/job-growth-rebounds-110000-september/story.aspx?guid=%7B995AF0FC%2D2004%2D4FE6%2DB8BA%2D1839FD965B13%7D

Manufacturing jobs fell by 18,000. Construction jobs dropped by 33,000. Jobs in the financial services fell by 14,000 for a second straight month, evidence of the carnage in the mortgage industry. Employment in credit intermediation has fallen by 46,000 since February.

Payrolls in health care increased by 33,000 and food-service jobs rose by 25,000. Those two industries account for more than half of the job growth so far this year, the Bureau of Labor Statistics noted.

Would you like fries with that?

[DemReadingDU]

29. So everyone who has lost their job

must be changing careers and working in health care and food-service!

I'll take the fries

:)

[AnneD]

42. Want fries with that enema....

The jobs numbers have been FOS since Reagan.

[TrogL]

59. I get it. The food makes you sick, then you need health care

[Odin2005]

39. SOLID??? What BS spin, 94,000 is only 2/3 of what is needted to keep up with population growth.

[ozymandius]

6. GE to close some plants in Brazil

HARTFORD, Conn.—General Electric Co. said Thursday it will close a number of lighting plants in Brazil and the U.S. as part of a plan to restructure its consumer and industrial division, potentially cutting more than 1,400 jobs in the process.

GE Consumer & Industrial, based in Louisville, Ky., said it will close all of its lighting operations in Rio de Janeiro, which will affect about 900 jobs.

The company also plans to close some lighting factories in the U.S., which will impact about 425 jobs. "A portion" of the U.S. jobs will be transferred to other GE lighting facilities, the company added.

Another 80 jobs will be affected by a transfer of some operations from facilities in Mexico and the U.S. to other locations.

Fairfield, Conn.-based GE said it is closing the facilities, in part, because of a changing lighting market, in which demand for the incandescent bulb has declined over the past five years due to new technology and efficiency standards.

http://origin.mercurynews.com/breakingnews/ci_7084992

[Roland99]

13. They can't adapt and make CFLs?

[ozymandius]

8. Asian markets flat ahead of US jobs report; Hong Kong outperforms UPDATE

SINGAPORE, Oct. 5, 2007 (Thomson Financial delivered by Newstex) -- Stock markets across Asia were mostly flat Friday as investors marked time ahead of the release of the US September jobs report which investors hope will show a recovery from August but still leave room for further interest rate cuts.

Hong Kong outperformed, bouncing back from a two-day sell-off on reports the government may lower corporate taxes. Australian benchmarks rose as higher oil and metals prices boosted resource stocks.

Japan and South Korea put in lackluster performances and finished close to unchanged on the day.

The Nikkei 225 closed down 0.2 percent at 17,065 and the broader Topix was up 0.1 percent at 1,656.

The KOSPI shed 0.4 percent to 1,996.

-cut-

Wall Street is optimistic the September report will show a rebound from August when job creation unexpectedly dried up and ignited fears the US economy was heading for a recession.

The surprise 4,000-job contraction in the August report sent the Dow Jones Industrial Average down nearly 250 points the day it was released. The report played a big part in the Federal Reserve's decision to cut rates by a half point in September, a move that has allowed the Dow to climb back to where it was in mid-July, before the credit market crisis created turmoil in markets across the globe.

http://money.cnn.com/news/newsfeeds/articles/newstex/AFX-0013-20049482.htm

[ozymandius]

9. ***544K items recalled for lead, more expected***

http://money.cnn.com/2007/10/04/news/companies/lead_recall_testing/index.htm?postversion=2007100416

NEW YORK (CNNMoney.com) -- Government safety officials and manufacturers recalled 544,000 China-made toys and other items Thursday over concerns over lead paint.

The actions were the latest in a flood of recalls this year, and federal regulators expect more to come.

---

For example, Yellow Springs, Ohio-based Antioch Publishing is recalling about 150,000 bookmarks and journals, as well as bracelets that are sold with them.

---

Alpharetta, Ga.-based Kids II is recalling 35,000 Baby Einstein Discover & Play Color Blocks due to excessive levels of lead in surface paint on blue blocks.

---

Dollar General Merchandising Inc., of Goodlettsville, Tenn., is recalling 192,000 key chains. The key chains have a coiled cord and are emblazoned with a metal charm with the word "wisdom," "truth," "believe," "love," "hope," or "dream."

---

Hong Kong-based CKI Toys is recalling 15,000 Totally Me! Funky Room Décor Sets sold exclusively at Toys "R" Us stores. The products were sold for about $10 starting in May and continuing through last month.

KB Toys Inc., of Pittsfield, Mass., is recalling 10,000 Wooden Pull-Along Alphabet & Math Blocks Wagons, Wooden Pull-Along Learning Blocks Wagons sold for $9 to $13 from August 2005 to August 2007; 10-in-1 Activity Learning Carts sold for about $30 from August 2006 to September 2007; and Flip-Flop Alphabet Blocks sold for about $7 from August 2006 to September 2007.

St. Louis-based Eveready Battery Co. is recalling "Pirates of the Caribbean" themed medallion squeeze flash lights. The flash lights went on sale for $4 to $6 in September 2006.

Consumers who believe they may have purchased any of the recalled products can contact the CPSC or the companies below:

Antioch Publishing: [phone].

Dollar General: [phone].

Toys "R" Us: [phone].

Eveready: [phone].

Kids II: [phone]

KB Toys: [phone].

[ozymandius]

10. State Street faces more lawsuits: Report

NEW YORK (CNNMoney.com) -- State Street Corp., the Boston financial-services giant, could be hit with lawsuits by investors, including attorneys general in Idaho and Alaska, upset over steep losses suffered during the credit market turmoil, a newspaper reported Friday.

The company's State Street Global Advisors unit, which handles $1.9 trillion in assets, made aggressive bets on mortgage-backed securities, derivatives, and other investments, according to the Wall Street Journal.

Investors in the bank's bond funds believed them to be low-risk investments, the paper said.

-cut-

The two states have since pulled out of the funds, which resulted in steep losses this summer, the paper reported.

-cut-

In Alaska, the bond fund was popular with customers nearing retirement and looking for conservative investments that were a little better than a money-market fund, Jerry Burnett, an Alaska state official, told the Journal.

http://money.cnn.com/2007/10/05/news/companies/state_street/index.htm?postversion=2007100507

[ozymandius]

11. Office rental growth seen slowing

NEW YORK (CNNMoney.com) -- The pace of rent growth in the nation's office buildings declined slightly in the third quarter, according to report released Thursday in the Wall Street Journal.

Uncertainty about the economy's future and the ongoing credit-market turmoil have damped companies enthusiasm for expansion, the Journal's report said.

According to a survey cited in the report, rent growth in the third quarter was relatively healthy, up 2.4% to $24.17 per square foot from $23.61 in the second quarter. However, the pace set in the first six months of the year was stronger, about 3% per quarter, according to the Journal.

http://money.cnn.com/2007/10/04/news/economy/rent_growth/index.htm?postversion=2007100414

[Buttercup McToots]

14. They have a countdown clock running on CNBC

for the jobs report...:donut:

Good Morning All

[ozymandius]

15. They really go out of their way to look like dummies.

Recall the chest-pounding certainty when they declared the Fed rate cut would create jobs. "People will be hired!!!" - they boomed.

[Roland99]

17. They seem to be focusing on 100k-110k new jobs. Still 40-50k below equilibrium level.

Saying <50k means bad news for markets.

[Roland99]

16. Washington Mutual sees Q3 loan loss provision about $975 mln plus $150 mln in portfolio losses

Washington Mutual Q3 profit to fall 75%
http://www.marketwatch.com/news/story/washington-mutual-q3-profit-fall/story.aspx?guid=%7B72A219FE%2DD0DD%2D4F64%2D998E%2DA117C891F762%7D

Washington Mutual Inc. on Friday said it expects a third-quarter earnings drop of about 75% because of factors related to the weakening housing market. The Seattle-based lender said its loan loss provision for the period will be approximately $975 million, which exceeds net charge-offs for the quarter by approximately $550 million. It'll also book downward adjustments of approximately $150 million related to approximately $17 billion in held-for-sale mortgage loans that were transferred to the company's investment portfolio due to secondary market conditions. It also reported impairment losses of $110 million and another $150 million in securities trading losses. Washington Mutual said it "continues to have the liquidity and capital necessary to grow the company's businesses and support its current dividend."

[UpInArms]

18. dollar watch

http://quotes.ino.com/chart/?s=NYBOT_DX&v=i

Last trade 78.331 Change -0.079 (-0.10%)

September Payrolls: Will it Save the US Dollar?

http://www.dailyfx.com/story/topheadline/September_Non_Farm_Payrolls__Will_it_1191517886635.html

This Friday, we are expecting Non-farm payrolls for the month of September and now more than ever, the fate of the US dollar and stability of the US economy hinges upon the outcome of tomorrow’s labor market report. On September 18th, the Federal Reserve cut interest rates for the first time in 4 years. (Also See How the US Dollar Reacted to the Last 3 NFP Reports )

Although concern about the credit market played a major role in the decision, the central bank also found the first drop in payrolls since September 2003 alarming. At the time, the market was looking for a 100k rise, which is the same forecast for tomorrow, but instead of adding 100k jobs, US companies actually laid off 4k workers. The market is currently divided on whether the Fed will continue to lower interest rates later this month and tomorrow’s non-farm payrolls report will help to confirm or deny that. Since the beginning of the week, the US dollar has been quietly recovering on the expectation that payrolls will be firm. If job growth was indeed greater than 100k, then we expect the dollar to recover further. However should job growth rise by less than 70k, we could see the dollar fall back to its record lows.

Since the last interest rate cut, the stock market has rallied as much as 800 points, credit default swaps and the 10 year Junk bond to Treasury Spread are both off their highs, while the US dollar is significantly lower (see our report on Watch What the Fed Watches for more details). Overall, the markets are calmer now than they were 3 weeks ago, reducing the need for the Federal Reserve to act as aggressively as the market may have initially wanted. The housing market is still trouble with existing, new and pending home sales all continuing to fall, but we have had no new blowups of hedge funds or subprime lenders. The leading banks on Wall Street have all reported sharp losses as a result of exposure to the subprime market, but it seems that traders are optimistic that the write downs have put the worst behind us which is why they are only pricing in a 68 percent chance of an October rate cut and a less than 50 percent chance of a cut in December. Tomorrow’s non-farm payrolls number will help to determine if at least for the time being, the worst is really behind us because a recovery in job growth means that consumer spending may hold steady, reducing the risk of the US economy falling into a recession.

...more...

More Central Banks Ditch the US Dollar

http://www.dailyfx.com/story/bio1/More_Central_Banks_Ditch_the_1191532453356.html

After rebounding in the beginning of the week, today’s drop in the US dollar indicates that not everyone is convinced tomorrow’s non-farm payrolls report will be as strong as the market’s 100k forecast. According to our Non-Farm Payrolls preview, there are just as many arguments for a weak report as there are for a strong one. With Fed fund futures pricing in only a 68 percent chance of an October rate cut and a less than 50 percent chance of a December cut, the market is clearly divided on the outcome of the Federal Reserve’s interest decision later this month. The US dollar sold off the last 3 times that non-farm payrolls were released even though the report for the month of June was slightly stronger than expected. The market has been dollar bearish since the beginning of summer and traders were looking for any excuse to sell dollars. With the Euro trading above 1.40 however, the sentiment in the market has shifted. Instead everyone is looking for a bottom in the US dollar. Although we think that payrolls will be positive tomorrow, the fact that consumer confidence remains near 2 year lows and layoff announcements have become a near daily occurrence leads us to believe that the market’s 100k forecast is lofty. As usual, we will be keeping an eye out for any revisions to the August number. As a rule of thumb for traders, if job growth was indeed greater than 100k, then we expect the dollar to recover further. However should job growth rise by less than 70k, we could see the dollar fall back to its record lows. Meanwhile today’s dollar weakness stems from a variety of factors. Qatar announced today that their government backed Investment Authority only holds 40 percent of its investments in US dollars down from 99 percent two years ago. Vietnam also announced that they will be ending their purchases of US dollars. Although they only have $40 billion worth of reserves, their action raises fears that other Asian central banks like China, Korea, Taiwan or Singapore could follow suit. US economic data was also softer than expected with jobless claims and factory orders both falling short of expectations.

...more...

[Buttercup McToots]

22. See that drop in Gold? Bam...Bam...

down 5 just like that...:puke:

What a crock of shyte...

[skids]

24. Yeah WTF is that all about.

Talk about precipitous. Euro too.

[UpInArms]

32. seems weird that the market jumped upward if the rate cut anticipation was removed

http://www.reuters.com/article/newsOne/idUSL0321121720071005?sp=true

"The market is just waiting for the payrolls figures. It would be really important for gold to close near $740 or above the level today and that would help the metal a lot next week," said Michael Kempinski, senior metals trader at Commerzbank.

"Trust in the metal is definitely there. Maybe, we will see new highs in the afternoon. We couldn't break through $750 yet, so that's an obvious target," he added.

The U.S. currency held above record lows versus the euro and a basket of major currencies as investors braced for September's non-farm payrolls report, due at 8:30 a.m. EDT, for clues on the need for more interest rate cuts.

Data in August -- showing the first monthly drop in hiring in four years -- were seen as a key trigger for the Federal Reserve's 50 basis point rate cut last month.

[skids]

35. Today's market logic.

...for those of you who took symbolic logic in college:

1.  goodindicators --> rally               premis
2.  ~goodindicators --> ratecut            premis
3.  ratecut --> rally                      premis
4.  goodinidcators V ~goodindicators       Tertium non datur
5   goodindicators V ratecut               via Hypothetical Syllogism
6   rally V rally                          via Constructive Dilemna
 .
. .  rally!

[Roland99]

23. DJIA futures up 94 after jobs numbers. Whee! Let's reward mediocrity!!!

[UpInArms]

27. GE to restructure lighting business, cut 900 jobs

http://www.reuters.com/article/businessNews/idUSWNAS561020071004?feedType=RSS&feedName=businessNews

DETROIT (Reuters) - A General Electric Co (GE.N: Quote, Profile, Research) unit said on Thursday that it planned to restructure its lighting business, cutting some 900 jobs in Brazil and affecting another 500 in the United States and Mexico.

GE Consumer & Industrial said the cuts at the facilities in those countries are a continuation of an overall plan from the past year to cut more than 3,000 positions.

[UpInArms]

30. Washington Mutual sees profit down 75 percent

http://www.reuters.com/article/businessNews/idUSWNAS564120071005

NEW YORK (Reuters) - Washington Mutual Inc (WM.N: Quote, Profile, Research), one of the largest U.S. mortgage lenders, said on Friday it expects a 75 percent drop in third-quarter net income due to adverse housing market and credit conditions.

The bank, whose shares fell 2.2 percent in premarket trading, said its loan loss provision for the quarter will be $975 million. It also expects $150 million in losses in its trading securities portfolio.

...a bit more...

[DemReadingDU]

33. Greenspan Confirms That Republicans Can't Govern Economy

10/4/07 John Dean: Alan Greenspan's Autobiography, and His Decision to Switch Political Parties

I am writing this column while out on a book tour with my latest -- Broken Government: How Republican Rule Has Destroyed the Legislative, Executive and Judicial Branches. I have been reading Greenspan's book in airports and on flights, and was surprised to find him explaining therein how Republicans have screwed up the government, not to mention the economy as well. Little wonder Bob Novak called Greenspan a "Democrat," for in today's harsh Republican Party climate, anyone who strays from the official party line is deemed no longer either a conservative or a Republican.

Greenspan bluntly writes that under the Republicans, "overnance has become dangerously dysfunctional." This is the way a central banker says it is broken. (They have their own language, of course - one that Greenspan only occasionally employs, usually to be diplomatic.)

As for the legislative branch under Republican control, Greenspan says succinctly and memorably, "Republicans in Congress lost their way. They swapped principle for power. They ended up with neither.

more...
http://writ.news.findlaw.com/dean/20071004.html

[UpInArms]

34. HNI Corp (furniture maker) to close Virginia plant in first half of 2008

24 minutes ago HNI Corp to close Virginia plant in first half of 2008 - MarketWatch

24 minutes ago HNI Corp expects over $10 mln restructuring savings in 2009 - MarketWatch

http://www.marketwatch.com/news/story/hni-corp-consolidate-plants/story.aspx?guid=%7B7EF522DF%2DA62F%2D4E8B%2D8745%2D5B60B1E6FD65%7D&dist=TQP_Mod_mktwN

Hni Corp. (HNI) said it will close its Richmond, Va. manufacturing plant
during the first half of 2008 and consolidate production into its Cedartown, Ga. and Muscatine, Iowa facilities. The Muscatine, Iowa office furniture manufacturer said it is trying to reduce structural costs and streamline customer fulfillment at its HON Co. unit. The company estimates the realignment will save more than $10 million annually once fully implemented in 2009. HNI also expects to spend $6 million in capital expenditures during 2007 and $3 million in 2008 due to the changes. Resulting charges will impact pretax earnings by about $15 million to $17 million from 2007 to 2009.

[AnneD]

36. Morning Marketeers....

:donut: and lurkers. Great toon and it puts Bush and the neocon agenda into perspective. Folks around here are spitting mad, but not surprised. Bush did everything in his power to stop chip here in Texas, in fact we had one of the lowest numbers of kids on the program when he was gov., and yet we had so many families that are uninsured. Those of us in the know were mad as hell when he claimed the 'success' of the chips program in Texas. I tried to warn folks-but he stole the election anyway.

This was a bipartisan effort and kudos to the Republicans that put people (children) ahead of politics.....or at least in their own best interest and self preservation did the right thing;)
I can't urge you strongly enough that pressure need to be brought to all your reps to override his veto. Congress needs to put their big boy under ware on and take charge for a change. We, the people are loosing patience.

Happy hunting and watch out for the bears.

[antigop]

37. Did anyone hear about Kucinich's questioning of the Fed and privatization of the money supply?

He was on the News Hours with Jim Lehrer last night. During the interview the whole subprime issue came up.

The video posted in the Videos forum:
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=385x59907

12:58 (Actually this is a countdown from the total interview length, so really about seven minutes into the interview.)

Transcript is at:
http://www.pbs.org/newshour/bb/politics/july-dec07/kucinich_10-04.html

>>
JUDY WOODRUFF: Let me turn you to a couple of domestic questions, the current subprime mortgage crisis. What do you think the cause of it is? And what would you do about it? Who would you go after, or whom or what?

REP. DENNIS KUCINICH: Well, there's a number of different areas that needed to be looked at initially. The Fed has not had proper oversight of banks. The Securities and Exchange Commission has not had proper oversight of hedge funds. So you take those two conditions, and you see what's burst forward now, which is hedge funds in trouble because of their investment in subprime mortgages, and you see millions of Americans losing their homes because there wasn't a cop on the beat.

So, obviously, what needs to happen is there needs to be a financial mechanism that basically creates a wraparound mortgage that would help protect the people who are in danger of losing their homes, that's number one. But, number two, we have to get to the underlying issue of predatory lending here.

There are many areas in our cities that have basically been red-lined, cannot get access to credit. And that is a violation of the Community Reinvestment Act, Judy. During the Carter administration, the Community Reinvestment Act was put forth so that inner-city areas would have access to credit.

And what's happened is that the credit for homes has dried up. Minorities in particular were offered these subprime products, no-document loans. As chairman of the Domestic Policy Subcommittee, I was the first one to put my finger on this and identify it and begin to ask the questions.

But this is a broader issue that deals with: Can Americans have a dream of homeownership? Can the government form a role in protecting that? Can we get these banks to be honest with their credit policies? Do they have a responsibility to provide capital to people who happen to be minorities? What about these adjusted prime rates that are going to start coming in and forcing people's mortgages up on a monthly level? There's going to be more people losing their homes.

This is a profound economic crisis and a moral crisis in this country.

JUDY WOODRUFF: You mentioned the Federal Reserve. Do you think it should not be independent, that it should be answerable to...

REP. DENNIS KUCINICH: Well, of course it should be answerable. This idea of an independent Federal Reserve, what actually happened from 1913 on is a privatization of the money supply. Now, you know, right now, we have to look at the Federal Reserve, with two cuts in the interest rates recently, they're creating winners and losers. People have to look at the implications of this for Wall Street.

I think that the Federal Reserve -- they have to be accountable. And I'm one of the few people who have been able to bring someone from the Federal Reserve to talk about the crisis in subprime loans, to ask about their responsibility. The Fed has a responsibility here.

And, frankly, another area that I'm the only one running for president who's raising this issue is: What about our monetary policy? What about government's role here? Should it be a hands-off? Should the Fed be a law unto itself? There are serious questions that need to be raised, and I'm raising them.
>>

<edit> updated with actual transcript

[Roland99]

40. too bad the "liberal media" says he's unelectable

[UpInArms]

38. Fed's Kohn says half-point rate cut may be enough

http://www.marketwatch.com/news/story/fed-vice-chairman-kohn-says/story.aspx?guid=%7B9720A71C%2D8B56%2D4C33%2D8668%2DB1E48E4FDE21%7D&siteid=bnb

WASHINGTON (MarketWatch) -- The Federal Reserve's half-a-percentage point rate cut on Sept. 18 may be enough to keep the economy from sinking from the financial market turmoil, said Donald Kohn, the vice-chairman of the Fed Board on Friday. "But pending further evidence, a 50-basis-point easing was not an unreasonable first approximation of what might be required to keep the economy on a sustainable growth path," Kohn said in a speech to the Greater Philadelphia Chamber of Commerce. It would be better for the Fed to respond "too much or too rapidly" to the turmoil in financial markets rather than acting "too little or too slowly," Kohn said. With recent favorable inflation news, Kohn said he believes the Fed could reverse the recent rate cut if it turned out to be larger than needed.

[UpInArms]

46. Kohn: Weaker dollar could put upward pressure on prices

16. Kohn: Some signs of improvement in some credit markets
9:10 AM ET, Oct 05, 2007 - 1 hour ago

17. Kohn: Weaker dollar could put upward pressure on prices
9:10 AM ET, Oct 05, 2007 - 1 hour ago

18. Kohn: Fed to monitor inflation developments carefully
9:10 AM ET, Oct 05, 2007 - 1 hour ago

19. Kohn: Too early to tell effect on growth from market turmoil
9:10 AM ET, Oct 05, 2007 - 1 hour ago

20. Kohn sees moderate growth after near-term weakness
9:10 AM ET, Oct 05, 2007 - 1 hour ago

[Roland99]

41. CNBC playing tape of Bush: "economy is a vibrant and strong economy"

stammering getting jobs numbers out of his mouth saying jobs numbers are strong and are good news for "folks"

49 consecutive months for job creation, longest record for our country. (too bad it's the lowest job creation rate for ANY recovery in the last 60 years).


The rest is just blah blah blah...people concerned...mortgages...call on Congress to keep taxes low....blah blah blah...



Now stammering on about "detaining terrorists and extremists...i have put this program in place for a reason...to protect the american people....you bet we're gonna detain 'em...you bet we're gonna question 'em...find out actionable intelligence...uh...secondly...this guvmint does not torture people...we stick to int'l law...thirdly...there are highly trained professionals questioning these extremists and terrorists...and, btw, we have gotten info from these high-value detaines....these techniques have been fully disclosed to members of the US Congress"


His speech is EXACTLY like my ex-father-in-law who was an alcoholic. I mean, MY GAWD!! It was like listening to him talk right here in the room. Fucking alcoholic running our country into the ground!!

[AnneD]

43. Unfortunantly....

alcoholism runs in our family too (white man's curse). Spotted Bush as a dry drunk when he was Gov, and knew him to be a drunken party boy and member of the 'lucky genes' club from my connections. It has been a sad, disgusting, 16 years (we suffered his governorship). So seldom have I encounter someone in a leadership position that deserved so little respect. I want to spit on the ground when I even hear his name.

[UpInArms]

45. I despise his shitty little eyes (and I do mean shitty)

his nasty smirking snarl, his absolute lack of regard for intelligence (and I don't mean spying) - his snarky ability to stay in power makes me retch.

[UpInArms]

47. CORRECT: Merrill Lynch expects Q3 loss up to 50c per share

11. Merrill sees 'evidence of strong long-term growth trends'
9:14 AM ET, Oct 05, 2007 - 1 hour ago

12. Merrill Lynch expects Q3 revenue growth above 20% on year
9:13 AM ET, Oct 05, 2007 - 1 hour ago

13. Merrill Lynch says Q4 revenue outlook is hard to predict
9:13 AM ET, Oct 05, 2007 - 1 hour ago

14. CORRECT: Merrill Lynch expects Q3 loss up to 50c per share
9:12 AM ET, Oct 05, 2007 - 1 hour ago

15. Merrill sees $4.5B writedowns on impact of CDOs, subprime
9:12 AM ET, Oct 05, 2007 - 1 hour ago

[antigop]

48. Feds reported to start probe into Bear Stearns hedge funds

http://money.cnn.com/2007/10/05/news/companies/bearstearns_probe/index.htm?postversion=2007100507

>>
The U.S. attorney in Brooklyn is investigating the collapse of two mortgage-related Bear Stearns hedge funds whose failure this summer cost investors an estimated $1.6 billion, according to a published report.

The Wall Street Journal reported the probe, which it said is in the early stages and has yet to generate subpoenas.

The collapse of the two funds hammered Bear Stearns (Charts, Fortune 500) in the most recent quarter, causing operating earnings per share to plunge to $1.16, well below the forecasts of $1.78 a share and even farther below the year-ago results of $3.02 a share.
>>

[Buttercup McToots]

50. USD $78.17...@ 11:38

It isn't holding...

[Buttercup McToots]

52. USD $78.15 @ 12:38...and look at Goldie go...

Yippee!!
:bounce:

[TrogL]

51. Loonie Watch

(crap, no tables allowed)

Highlights

Current:



30-day and 90-day vs.greenback:



30-day vs. Euro, Yen, UK Pound and Swiss Franc




Currency Comparison: http://members.shaw.ca/trogl/looniewatch.html

Detailed analysis: http://quotes.ino.com/exchanges/?r=CME_CD

Up-to-the-minute graph: http://quotes.ino.com/chart/?s=CME_CD.Y%24%24&v=s&w=5&t=l&a=1

Historical values http://www.x-rates.com/d/USD/CAD/data30.html

2007-09-04 Tuesday, September 4 0.953016 USD
2007-09-05 Wednesday, September 5 0.951656 USD
2007-09-06 Thursday, September 6 0.949307 USD
2007-09-07 Friday, September 7 0.948227 USD
2007-09-10 Monday, September 10 0.949487 USD
2007-09-11 Tuesday, September 11 0.958773 USD
2007-09-12 Wednesday, September 12 0.964134 USD
2007-09-13 Thursday, September 13 0.968617 USD
2007-09-14 Friday, September 14 0.971628 USD
2007-09-17 Monday, September 17 0.970214 USD
2007-09-18 Tuesday, September 18 0.977135 USD
2007-09-19 Wednesday, September 19 0.985513 USD
2007-09-20 Thursday, September 20 0.998901 USD
2007-09-21 Friday, September 21 0.999201 USD
2007-09-24 Monday, September 24 0.998901 USD
2007-09-25 Tuesday, September 25 0.9995 USD
2007-09-26 Wednesday, September 26 0.99552 USD
2007-09-27 Thursday, September 27 0.99691 USD
2007-09-28 Friday, September 28 1.00412 USD
2007-10-01 Monday, October 1 1.00715 USD
2007-10-02 Tuesday, October 2 0.9998 USD
2007-10-03 Wednesday, October 3 1.00392 USD
2007-10-04 Thursday, October 4 1.002 USD

Current values

http://quotes.ino.com/exchanges/?r=CME_CD) (playing around with fonts and alignment)


Market Open High Low Last Change Pct
CD.Y$$ Cash 1.0134 1.0197 1.0129 1.0197 +0.0163 +1.62%
CD.Z07 Dec 2007 1.0144 1.0205 1.0127 1.0203 +0.0163 +1.62%
CD.H08 Mar 2008 1.0036 1.0040 1.0032 1.0045 +0.0004 +0.04%
CD.M08 Jun 2008 0.9495 0.9495 1.0048 +0.0004 +0.04%
CD.U08 Sep 2008 1.0210 1.0210 1.0210 1.0210 +0.0159 +1.58%
CD.Z08 Dec 2008 0.9530 0.9530 0.9530 1.0052 +0.0004 +0.04%
CD.H09 Mar 2009 1.0055 1.0060 1.0050 1.0053 +0.0004 +0.04%

Other combinations:


AU.Z07 AUSTRALIAN $/US$ Dec (NYBOT) 0.8816 +0.0042
HY.Z07 CANADIAN $/JAPANESE YEN Dec (NYBOT) 117.70 +1.86
GB.Z07 EURO/BRITISH POUND Dec (NYBOT) 0.6950 -0.0002
EP.Z07 EURO/CANADIAN $ Dec (NYBOT) 1.4109 +0.0025
EJ.Z07 EURO/JAPANESE YEN Sep (NYBOT) 163.900 +0.755
EU.Z07 EURO/US$ (LARGE) Sep (NYBOT) 1.41375 +0.00155


Blather (from http://quotes.ino.com/exchanges/?r=CME_CD)

The December Canadian Dollar was higher overnight and above the previous high crossing at 1.0101 thereby renewing this year's rally. Stochastics and the RSI are overbought but are neutral signaling that sideways to higher prices are possible near-term. Upside targets are hard to project as December continues to extend this fall's rally into new uncharted territory. Closes below last Wednesday's low crossing at .9913 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 1.0148. First support is the 10-day moving average crossing at crossing at 1.0034 then last Wednesday's low crossing at .9913.


Analysis

The live chart looks a little goofy right now. I think this whole "uncharted territory" thing has got it confused.

The market's gone completely loonie for the loonie. I've bolded the percentage change above. I've never seen numbers like this.

The CBC drive-in guy is calling the loonie's rise "callimatous" but "inevitable". The unemployment numbers came in today. The US numbers suck. Canada's number is the lowest in 31 years. The economy is red-hot and the Bank of Canada has no intention of juggling interest rates up or down. He made the analogy of a business that's doing well - people would want to invest in its stock. Canada as a "business" is doing well, so people want loonies, driving up the price.

I'm still calling for a $1.03 top but now even I'm starting to wonder.

On another note, I need help interpreting the "other" numbers above. They're just not making any sense. The loonie's taken off against the greenback, the Euro made some modest gains as well, but the Euro gained against the loonie. :wtf:

[TrogL]

60. Update (and formatting test)

Current values

Market            Open   High    Low   Last  Change    Pct 
CD.Y$$ Cash     1.0134 1.0197 1.0129 1.0188 +0.0154 +1.53% 
CD.Z07 Dec 2007 1.0144 1.0224 1.0127 1.0194 +0.0154 +1.53% 
CD.H08 Mar 2008 1.0036 1.0040 1.0032 1.0198 +0.0153 +1.52% 
CD.M08 Jun 2008 0.9495        0.9495 1.0201 +0.0153 +1.52% 
CD.U08 Sep 2008 1.0210 1.0210 1.0210 1.0204 +0.0153 +1.52% 
CD.Z08 Dec 2008 0.9530 0.9530 0.9530 1.0205 +0.0153 +1.52% 
CD.H09 Mar 2009 1.0055 1.0060 1.0050 1.0206 +0.0153 +1.52% 

[Ghost Dog]

53. U.S. data lifts Europe stocks to 10-week high

http://investing.reuters.co.uk/news/articleinvesting.aspx?type=eurMktRpt&storyID=2007-10-05T162922Z_01_L05172251_RTRIDST_0_MARKETS-EUROPE-STOCKS-CLOSE-UPDATE-1.XML

PARIS, Oct 5 (Reuters) - European stocks rose for a fifth straight session on Friday, to hit a 10-week closing high as stronger-than-expected U.S. employment data soothed worries over the outlook for the world's biggest economy.

Mining shares were among the biggest gainers, helped by rising metal prices and an upbeat brokerage note on the sector, and rebounding after sharp losses earlier this week. Anglo American (AAL.L: Quote, Profile , Research) gained 2.9 percent and Rio Tinto (RIO.L: Quote, Profile , Research) advanced 2.9 percent.

German carmaker Volkswagen (VOWG.DE: Quote, Profile , Research) jumped 4.4 percent on market talk that the stock could become part of the DJ EuroSTOXX 50 <.STOXX50E> index of top European shares, as well as continuing speculation about Porsche (PSHG_p.DE: Quote, Profile , Research) increasing its stake in VW.

The FTSEurofirst 300 <.FTEU3> index of top European shares closed 0.8 percent higher at 1,584.94 points, ending the week with a gain of 2.2 percent.

Europe's benchmark index is up 6.8 percent on the year, but still down 3.1 percent from its multi-year high reached in mid-July, since when concerns that a crisis in subprime or risky U.S. mortgages would slow the economy sparked waves of sell-off on equity markets worldwide.

...

Around Europe, Germany's DAX index <.GDAXI>, UK's FTSE 100 index .FTSE and France's CAC 40 <.FCHI> all rose 0.7 percent.

/...

[skids]

56. Did anyone here catch John Hodgman on the Daily Show last night?

He did Jim Cramer routine everything-experting about the economy and the falling dollar. Unfortunately cannot find a youtube for it.

(EDIT whoops meant to mainthread this, oh well.)

[UpInArms]

54. Greed & Fear in Asia's emerging bubble

http://ftalphaville.ft.com/blog/2007/10/05/7835/greed-fear-in-asias-emerging-bubble/

The exuberant rally in China and other Bric markets since the Fed’s September 18 “panicky easing” has provided the clearest signal yet where the next bubble will form, given the total discrediting of structured finance, notes CLSA’s Christopher Wood in the latest issue of his Greed & Fear client newsletter.

Market dynamics are now set to benefit Asia in the medium term, however bad the news flow is from America. For the worse the US economy becomes, warns Wood, “the more aggressively the Fed will cut rates”.

This monetary easing will do little to persuade American consumers to borrow more after their recent shock, while banks will be constrained by the burdens they will have to take on to their balance sheets in coming months.

This is why, in Wood’s view, “sooner or later, America will have to embark on fiscal stimulus with an emphasis on badly needed infrastructure spending”. But Fed easing will further fuel asset reflation in Asia where investors, excluding for now the Japanese, are becoming increasingly willing to buy “risky” assets in their own market, be it equities or real estate.

This trend is most extreme with China shares where the top-10 stocks listed in Hong Kong now have a combined market capitalisation of US$895bn, notes Wood.

...more...

(edited for weird html in the title line)

[RawMaterials]

55. not to mention americans investing abroad because

of the falling dolor

[TrogL]

62. The current Administration would never do that

America will have to embark on fiscal stimulus with an emphasis on badly needed infrastructure spending

That's classic Keynes.

These guys are Austrians, supply siders or just plain insane.

[JNelson6563]

61. If only a few more lives were ruined this week!

We coulda had way better gains! Well, I'm counting on the Top 1% to really cause some misery next week so the markets can skyrocket!

:puke:

Julie

[UpInArms]

63. closing the door and sweeping the floor

Dow 14,066.01 91.70 (0.66%)
Nasdaq 2,780.32 46.75 (1.71%)
S&P 500 1,557.59 14.75 (0.96%)
10-Yr Bond 4.64% 0.117

NYSE Volume 2,924,209,000
Nasdaq Volume 2,023,704,125

4:15 pm : Stocks surged on Friday following a better than expected employment report. The S&P finished at a new all-time closing high while the Nasdaq finished at its highest level since February, 2001. The Dow was on pace for a record close, but some profit taking in the final 20 minutes caused it to close roughly 30 points below its highest level.

September nonfarm payrolls, as reported by the Dept. of Labor rose 110,000, slightly larger than the gain of 100,000 that had been expected. Perhaps more significantly, the 4,000 decline previously reported for August that had caused so much angst was revised sharply higher to an increase of 89,000.

Payroll increases of 100,000 per month represent a 1% annual growth rate. That is below the trend in periods of strong economic growth in previous years when labor force participation was rising, but it is still reasonably solid.

Average hourly earnings rose 0.4%. This was a bit more than expected and follows a 0.3% August increase. The unemployment rate is at a low 4.7%.

These numbers don't show significant weakness in any respect. Briefing.com believes there is no reason for the Fed to ease rates based on these data. This employment report should greatly ease recession fears which means it is moderately bullish for the stock market.

Earnings warnings from Washington Mutual (WM 36.07, +0.79) and Merrill Lynch (MER 76.70, +1.92) were not enough to prevent the financial sector (+1.4%) from outperforming. Both companies stated that third quarter earnings will take a big hit due to the credit market turmoil. Merrill Lynch expects to report a net loss per diluted share of up to $0.50.

The consumer discretionary (+1.8%) and materials (+1.8%) sectors also outperformed today. The Nasdaq Composite outperformed the broader market today due in part to Bear Stearns raising its price target on Google (GOOG 594.05, +15.02) and a strong earnings report from Research In Motion (RIMM 113.37, +12.83).

Telecom (-0.02%) was the sole sector that finished in negative territory, but its loss was negligible.

The bulls were in control of the stock market today. Bears, however, controlled the bond market. The 10-year note sold off sharply following the jobs report and then lost some more ground before the close, shedding a full point on the session and raising its yield 13 basis points to 4.64%. Bond investors were discounting the idea that the Fed will now be less likely to cut rates at its Oct. 31st meeting.

The third quarter earnings reporting period gets its official start in the coming week when Dow component Alcoa (AA 38.79, +1.13) reports after Tuesday's close. General Electric (GE 41.77, +0.07) is set to report before the open on Friday.

There are few economic reports of interest next week until Friday when the PPI and Retail Sales reports for September are released.DJ30 +91.70 NASDAQ +46.75 SP500 +14.75 NASDAQ Dec/Adv/Vol 768/2178/2.02 bln NYSE Dec/Adv/Vol 792/2487/1.26 bln

3:30 pm : Sellers are sitting on the sidelines as the S&P and Dow continue to stay on pace to finish the day at all-time high levels. The Nasdaq, meanwhile, is trading at its highest level since February, 2001.

Earnings season kicks off next week Tuesday, with the aluminum company Alcoa (AA 39.10, +1.44) reporting after the close. General Electric (GE 41.95, +0.25) is set to report before the open on Friday.

There are feweconomic reports of interest next week until Friday at 8:30ET when The Department of Labor PPI report and The Department of Commerce Retail Sales report will be released. DJ30 +123.48 NASDAQ +47.07 SP500 1559.47 NASDAQ Dec/Adv/Vol 738/2210/1.64 bln NYSE Dec/Adv/Vol 718/2534/897 mln

3:00 pm : Heading into the final hour of the week's trading, the market remains robust following this morning's bullish job report. Indices have hung onto gains, with the S&P 500 (1,560.35, +17.51) just off of a new record high (1,561.61) reached moments ago.

The week’s rally in the market has brought the VIX (16.58 -1.42) back down to the lowest level since late July. Much of the decline took place today on the positive jobs data. DJ30 +128.77 NASDAQ +48.14 SP500 +16.95 NASDAQ Dec/Adv/Vol 752/2178/1.480 bln NYSE Dec/Adv/Vol 736/2504/799 mln

2:30 pm : After reaching highs just before 2 EST, the market appears to have settled into a temporary trading range. The tech heavy Nasdaq stills leads indices, buoyed by strong earnings and guidance out of Research in Motion (RIMM 113.88 +13.34) last night.

Financials are posting gains across the board on Merrill Lynch’s (MER 76.91, +2.13) announcement it would write down almost $5.5 billion on third-quarter results.

In news, DirecTV (DTV 26.01 +0.48) announced management changes after its president of Sales and Service resigned from the company. Michael Palkovic, formerly the company's CFO, has been appointed executive vice president of Operations and will now oversee the company's home service and installation network, call center operations, supply chain and other related activities. DJ30 +129.98 NASDAQ +47.45 SP500 +17.28 NASDAQ Dec/Adv/Vol 749/2147/1.38 bln NYSE Dec/Adv/Vol 730/2486/734 mln