Credit Cards On Steroids

Posted by Joel pate in Auto Loans, Banks, Credit Cards, Credit Repair, Mortgage Loans. Tagged: , , , , , , , , ,

creditcardEarly support sent the stock market to a fractionally improved 52-week high, but as buyers backed away and sellers squared their positions ahead of tomorrow’s official jobs report stocks succumbed to pressure. Stocks bounced in the final hour to close the session on a strong note, though.

News of a pleasing eurozone PMI and a restated commitment by China to loose monetary policy was cited as a reason for the positive mood among market participants in the early going. A less obvious cause for the early gains is that fund money was put to work with the start of the second quarter.

The best ISM Manufacturing Index reading in five years gave reason to push stocks even higher. At 59.6, the index also exceeded expectations of many economists.

Other economic data had less of an affect on the morning mood. News that construction spending for February a sharper-than-expected 1.3% received little mention, while an initial jobless claims count of 439,000 for the week ended Mar. 27 was shrugged off since it was in-line with the consensus forecast.

The weekly jobless claims count precedes the government’s official payrolls report, which is due tomorrow morning. The report’s release always makes for a widely-watched event, but the stock market will be closed in observance of Good Friday.

Given that the stock market will be closed tomorrow and the jobs report possesses a degree of uncertainty, many market participants were compelled to square their bets. That gave way to some selling and, in turn, an afternoon slide, which was likely exacerbated by the light trading volume ahead of the holiday weekend.

Early support sent the stock market to a fractionally improved 52-week high, but as buyers backed away and sellers squared their positions ahead of tomorrow’s official jobs report stocks succumbed to pressure. Stocks bounced in the final hour to close the session on a strong note, though.