Stocks Whipsaw
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Stocks are seeing wild action Friday, as European debt issues and a slowing global economy is weighed against buying the oversold conditions. Trading has been very volatile, with the day's range on the Dow over 400 points and trading in and out of positive territory four times.
At 12:45, the Dow is up 70, the Nasdaq is down 10 and the S&P 500 is down 5. The S&P 500 is down nearly 12 percent since the sell-off started on June 25th.
After trading down 200 points at noon, stocks bounced back heavily on news the ECB would buy Italian and Spanish bounds.
This morning it was reported that the nonfarm payrolls grew 117,000 in July, which compares to the Street estimate of 85,000. Private payrolls totaled 154,000, vs. the economist estimate of 113,000. The unemployment rate fell to 9.1%, which compares to the consensus estimate of 9.2%.
The yield on the 10-year continues its recent slide, last trading at 2.445%.
Oil and gold are also lower. WTI is down $1.14 to $85.55 and gold is down $1.90 to $1655.60.
At 12:45, the Dow is up 70, the Nasdaq is down 10 and the S&P 500 is down 5. The S&P 500 is down nearly 12 percent since the sell-off started on June 25th.
After trading down 200 points at noon, stocks bounced back heavily on news the ECB would buy Italian and Spanish bounds.
This morning it was reported that the nonfarm payrolls grew 117,000 in July, which compares to the Street estimate of 85,000. Private payrolls totaled 154,000, vs. the economist estimate of 113,000. The unemployment rate fell to 9.1%, which compares to the consensus estimate of 9.2%.
The yield on the 10-year continues its recent slide, last trading at 2.445%.
Oil and gold are also lower. WTI is down $1.14 to $85.55 and gold is down $1.90 to $1655.60.
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