 4/10 Good --- bstocksdev.weblogsinc.com http://bstocksdev.weblogsinc.com/rss.xml
Thursday, July 03, 2008 --- 96 days ago http://bstocksdev.weblogsinc.com/2008/07/02/jobs-ecb-holiday-could-make-for-bump
 Filed under: Major movement , Forecasts , Market matters , Economic data , Oil , DJIA , Recession Let's just say that if the Dow Jones Industrial Average on Thursday closes down 200 points, we'll call it a moral victory. The Dow Wednesday closed down 166.75 points to 11,215.75. "What was that famous Bette Davis line about a bumpy night? Well, Thursday could be a bumpy day," economist Peter Dawson told BloggingStocks Wednesday. Thursday could be very bumpy for the stock market because a series of data points -- all expected to be negative -- are converging at a traditionally difficult time of the year for the market - the start of summer. Three data points of significance First up is the European Central Bank 's interest rate decision at 7:45 a.m. EDT, at which the bank is expected to increase its key, short-term interest rate, the refinance rate, by a quarter-point to 4.25%. The ECB is trying to check inflation, Dawson said, but it may end up hurting the dollar. If the markets believe the already-weak dollar will fall further, that will increase commodity prices, including oil, "which will not be good news for stocks," he said. Second is U.S. Labor Department's June employment report . Economists surveyed by Bloomberg News expect the economy to have shed 50,000 jobs in June, and if the number is above 70,000, that, too, will weigh on the markets, Dawson said. "If you assume a margin of error for revisions, a job loss above 70,000 in Jun ... |
|
|
Anytime
