So much for the Dow’s 2009 high. Good news on jobs is bad news for stocks

By yudhi on Dec 07, 2009 with Comments 0

Filed under: Economy, Investing

It was silly season on Wall Street Friday. November’s unemployment figure — still a dismal 10% and subject to revision — came in stunningly better than expected and the markets immediately soared to fresh 2009 highs. The Dow Jones Industrial Average ($INDU) alone shot up as much as 150 points in early trading.

And then, at about 11 a.m. Eastern, everybody decided to sell. “I don’t know what happened,” says David Wyss, chief economist at Standard & Poor’s. “Some of it was probably just profit taking, but anybody who believes in rational markets hasn’t looked at them very long.”

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So much for the Dow’s 2009 high. Good news on jobs is bad news for stocks originally appeared on DailyFinance on Fri, 04 Dec 2009 18:45:00 EST. Please see our terms for use of feeds.

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