Notable US Top Weekly Stories (GPS, TUES, M, F) :by Wepick Penny Stocks
(EMAILWIRE.COM, February 07, 2010 ) Dallas, Tx -It was very volatile week for the US markets and markets sold off after unemployment and doubt on the pace the economic recovery. Friday, the Dow recovered very well after falling as much as 167 points and finally managed to close in green. This recovery was on short recovering as investor thinks that markets had over reacted to the growing fears of a debt crisis in Europe.
For the weak, the Dow Jones Industrial Average fell 0.60% to close above the key psychological level of 10,000. NASDAQ lost less than 0.5% to 2,141 and S&P 500 declined over 0.75 to a weekly close at 1,066.18.
Some Hope After Unemployment Rate Fell
The Labor Department said the unemployment rate fell below 10% to 9.70% in December. However, employers cut 20,000 jobs last month, more than the 5,000 economists expected, while the markets were discounting a 10% unemployment rate. This marked the lowest unemployment rate since August -- and raised some hope that the unemployment rate peaked at 10.1% in October.
Retail Stocks Rose After strong January Sales Data
Several Retail Stocks posted weekly gain after they reported a very strong Sales data for the month of January. Some of the stock which performed strongly after the data includes Tuesday Morning Corporation (NASDAQ:TUES), Macy's, Inc. (NYSE:M) Abercrombie & Fitch Co. (NYSE:ANF), The Gap Inc. (NYSE:GPS.
Car makers Reported Mixed jan. Sales
Ford Motor Company (NYSE:F) posted 25% jump in January U.S. sales. On the other hand, 25% jump in January U.S. sales, suffered a blow in the wake of its sticky gas-pedal recalls. Separately, General Motors reported a double-digit improvement and gave an upbeat.
Sharp Sell off in the commodities
In the last three trading sessions commodities like, Gold, Crude Oil, Copper fell sharply on the increased concern over Greece’s credit, which overlooked the surprise fall in the unemployment rate (9.70% vs 10%).
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