Concerned Unemployment, Wall Street Little Changed
Stock Report August 8th, 2009
Wall Street stocks ended little changed on Wednesday local time, as the market digests the private sector employment report disappointing and minutes of meetings of the Federal Reserve shows concern about high unemployment. Dow Jones Industrial Average rose just 1.36 points (0.01 percent) to 10,573.38 at the close of the market, nearly ended in negative territory after opening weaker.
The Nasdaq composite index fell 7.62 points (0.33 percent) to 2301.09 and the broad market index Standard & Poor `s 500 advanced 0.51 points (0.04 percent) to 1137.03 early closure. Company ADP payrolls report before the opening bell, non-agricultural private sector lost 84,000 jobs in December, the smallest decline since March 2008.
Most analysts have estimated the loss of 75,000 in the private sector a key report, which comes ahead of the Department of Labor released a non-farm employment data on Friday, which includes government workers.
“The ADP report figures close to consensus estimates, and numbers dirivisi previous month rose from 169,000 to decline decline 145.000, remove the key to the market this morning that the ADP report does not create a negative rethinking of the estimates for non-farm payroll report Friday,” said Patrick O `Hare at Briefing.com.
Department of Labor is expected to report non-farm payrolls fell by 35,000, after cutting 11,000 jobs in November, and the unemployment rate held 10.0 percent.
