Wednesday, February 3, 2010

Almanacs “Stock futures in narrow range after jobs report - Tacoma News Tribune” plus 3 more

Almanacs “Stock futures in narrow range after jobs report - Tacoma News Tribune” plus 3 more

Stock futures in narrow range after jobs report - Tacoma News Tribune

Posted: 03 Feb 2010 05:22 AM PST

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Stocks retreated modestly early Wednesday following a mixed batch of earnings.

The decline comes even after a payroll company's report on job cuts in January was better than expected. A report on the service sector is due out later that is likely to show further signs of an economic recovery.

Stocks have rallied the past two days on upbeat reports that show the overall economy is continuing to rebound. The market retreated late last month on concerns the economic recovery wasn't sustainable and that a strong 10-month stocks rally was running out of steam.

However, a disappointing earnings report and outlook from drugmaker giant Pfizer Inc. was a drag on the market. Pfizer's fourth-quarter results fell short of earnings expectations. Its profit outlook for the year also fell short of forecasts.

In early morning trading, the Dow Jones industrial average fell 22.67, or 0.2 percent, to 10,274.18. The Standard & Poor's 500 index fell 4.47, or 0.4 percent, to 1,098.85, while the Nasdaq index fell 4.34, or 0.2 percent, to 2,185.72.

The ADP jobs report showed employers slashed 22,000 non-farm, private jobs last month. That was smaller than the 30,000 cuts forecast by economists, according to Thomson Reuters. It was the best showing since employment started to decline in February 2008, providing further evidence that unemployment is stabilizing.

High unemployment remains one of the biggest obstacles to a strong, sustained recovery.

The ADP report often signals the strength of the government's upcoming employment report. The Labor Department puts out its monthly report on Friday.

The government's report is expected to show employers added 5,000 jobs last month, but that the unemployment rate rose to 10.1 percent from 10 percent in December.

A report from the Institute of Supply Management is expected to show the U.S. service sector grew last month. The trade group's service sector index likely rose to 51 last month from a revised 49.8 in December. A reading above 50 indicates growth.

The service-sector gauge is watched closely because jobs in the sector account for more than 80 percent of employment. The sector is also highly dependent on consumer spending, which accounts for about 70 percent of economic activity.

Any signs of growth would provide a welcome reassurance the economy and jobs market are improving.

The ISM's better-than-expected report released Monday on the manufacturing sector helped the market rally after retreating much of the final two weeks of January.

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Stock futures modestly lower ahead of opening - Fresno Bee

Posted: 03 Feb 2010 06:20 AM PST

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Stock futures inch higher ahead of ADP jobs data

Stock futures inched higher Wednesday, moving in a narrow range, as investors hunt for more signs that the economy's blistering fourth-quarter growth carried into the new year.

Investors are awaiting a payroll company's report on January employment and a report on the services sector for further signs of a recovery.

Stocks have rallied the past two days on upbeat reports that show the economy is continuing to rebound. The market retreated late last month on concerns the economic recovery wasn't sustainable and that a strong 10-month stocks rally was running out of steam.

Stocks fall on doubts about recovery's strength

Stocks ended a disappointing January with a loss as investors questioned whether the economy will be able to sustain its big fourth-quarter growth rate. Downbeat earnings at technology companies also pulled stocks down.

The Dow Jones industrials fell 53 points Friday to close the month down 3.5 percent. Just 10 days earlier, the average was at a 15-month high. Investors who are increasingly uneasy about the economy, earnings and politics have been pulling money out of the market over the past week.

January was the worst month for the market since last February. Many market watchers believe January sets the tone for stocks for the rest of the year, and historical data backs that up. Since 1950, the Standard & Poor's 500's full-year direction has matched its January performance more than 90 percent of the time, according to the Stock Trader's Almanac.

Ahead of the Bell: ISM service sector index

A private trade group's measure of the U.S. service sector is expected to signal modest growth in January, reflecting improvement in consumer spending.

The Institute for Supply Management's service index likely rose to 51 last month from a revised 49.8 in December, according to economists polled by Thomson Reuters.

The report is expected at 10 a.m. EST Wednesday.

Asian stocks track US higher on housing report

Asian stock markets rose Wednesday, following Wall Street higher after encouraging reports about the beleaguered U.S. housing sector helped restore confidence in an economic recovery.

Most major bourses advanced between 1 percent and 2 percent after the U.S. market, reversing last month's slide, posted its biggest back-to-back gains in almost three months. Oil prices fell modestly after surging the day before, while the dollar climbed against the yen and weakened against the euro.

Investors found reason for optimism after a major U.S. real estate trade group said its index of pending home sales rose in December. It was the ninth improvement in 10 months and further evidence of healing in an industry at the root of America's downturn.

US growth surprise sends world stocks higher

European stock markets closed higher Friday after data showed the U.S. economy grew at its fastest rate in over six years during the final three months of last year. Wall Street rose but later lost some of those gains.

The euro, meanwhile, slid to a new six and a half month low against the dollar after the figures and amid ongoing worries about a possibility Greece will need a bailout.

In Europe, the FTSE 100 index of leading British shares closed up 42.78 points, or 0.8 percent, to 5,188.52 while Germany's DAX rose 68.46 points, or 1.2 percent, to 5,608.79. The CAC-40 in France ended 50.67 points, or 1.4 percent, at 3,739.46.

NEW YORK -- Stocks retreated modestly early Wednesday following a mixed batch of earnings.

The decline comes even after a payroll company's report on job cuts in January was better than expected. A report on the service sector is due out later that is likely to show further signs of an economic recovery.

Stocks have rallied the past two days on upbeat reports that show the overall economy is continuing to rebound. The market retreated late last month on concerns the economic recovery wasn't sustainable and that a strong 10-month stocks rally was running out of steam.

However, a disappointing earnings report and outlook from drugmaker giant Pfizer Inc. was a drag on the market. Pfizer's fourth-quarter results fell short of earnings expectations. Its profit outlook for the year also fell short of forecasts.

In early morning trading, the Dow Jones industrial average fell 22.67, or 0.2 percent, to 10,274.18. The Standard & Poor's 500 index fell 4.47, or 0.4 percent, to 1,098.85, while the Nasdaq index fell 4.34, or 0.2 percent, to 2,185.72.

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GOP's Senate Prospects on the Rise - NewsMax.com

Posted: 03 Feb 2010 04:54 AM PST

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The long-shot bid by Republicans to retake control of the Senate is suddenly in play, as the prospect of high-profile Republican candidates entering the fray has pushed the GOP even or ahead in polling for 10 races.

The potential candidacies of former Republican Govs. George E. Pataki in New York and Tommy G. Thompson in Wisconsin are improving the polling fortunes of the party as it pursues seats long in the hands of Democrats, while the anti-government "tea party" movement has provided momentum to Republican challengers in states such as Florida, Arkansas and Pennsylvania.

"If the election were held today, the Republicans could come close to winning back the Senate, if not actually win it," said pollster John Zogby.

Republicans are solidly ahead to take at least five seats now held by Democrats - in North Dakota, Delaware, Nevada, Arkansas and Pennsylvania. Five more are now considered winnable - Colorado, Illinois, Wisconsin, Indiana and even liberal New York. Two other races, in California and Washington, are tightening daily.

In Wisconsin, three-term Democratic Sen. Russ Feingold suddenly faces a real contest from Mr. Thompson - who has not even decided whether to enter the race. The most recent poll from Rasmussen Reports found Mr. Thompson leading Mr. Feingold by a 47 percent to 43 percent margin. Independent voters favored Mr. Thompson 53 percent to 36 percent, the survey found.

Independents are credited with putting Republican Scott Brown over the finish line last month to win a U.S. Senate seat from Massachusetts occupied for 47 years by liberal icon Edward M. Kennedy.

In New York, freshman Sen. Kirsten Gillibrand, a Democrat, trails Mr. Pataki by 2.7 percentage points, according to an average of all polls compiled by the Web site Real Clear Politics. The latest survey by Marist put the ex-governor up by six percentage points, a change from a January poll by the organization, which found a three-percentage-point edge for Mrs. Gillibrand.

The formidable New York Republican also has not decided to throw his hat into the ring, a fact some analysts say could well hamper Republican hopes to retake the Senate.

"Now? No. Absolutely not," said Stuart Rothenberg, editor and publisher of the Rothenberg Political Report. Republicans "would need top-tier candidates in places like Wisconsin, Indiana, Washington and New York, and after that, they would need everything to fall in place."

"Right now, they don't have serious opportunities in 10 states with Democratic-held Senate seats up this cycle," he said.

Mr. Zogby, like many election analysts and pollsters, pointed out that the election is months away, and noted that Republicans would have to hold each of their 18 seats on the ballot this fall and pick up 10 of 16 contested Democratic seats.

"If the Senate elections were held right now, Republicans would have a chance - a small chance - of capturing a Senate majority," said Michael Barone, a political analyst and co-author of "The Almanac of American Politics."

"Just about every close race would have to go their way. It would be the equivalent of drawing an inside straight, or even more unlikely."

Complicating the equation even more, six Republican senators have announced that they are not running for re-election, and Democrats have a reasonable chance of picking up seats in New Hampshire, Florida, Kentucky and Missouri.

Still, many observers see a trend in favor of Republicans.

"If a Republican can win in a fairly high-turnout election ... in Massachusetts, is there anywhere they can't win?" analyst Sean Trende wrote on the Real Clear Politics Web site.

The emerging power of the tea party movement, which organized large, grass-roots demonstrations over the summer, combined with the populist message that put Mr. Brown into office, has changed the dynamic of this year's midterm elections. The fact the Republicans are polling well in Democratic strongholds such as Wisconsin, New York and even Washington state - where the only poll taken so far shows Sen. Patty Murray leading by just two percentage points - has worried some Democrats.

"In the wake of [Mr. Brown's] win in Massachusetts, a notable proportion - 45 percent - of registered Democratic voters in New York state say they are worried that a Republican will defeat the state's Democratic senators running for office in November," the New York Marist poll said.

Other states are also newly in play. In Indiana, two-term Sen. Evan Bayh finds himself in a tightening race. The latest Rasmussen poll showed Mr. Bayh, a moderate Democrat who voted for President Obama's health care overhaul bill, trailing Republican Rep. Mike Pence by three percentage points. Mr. Pence last week decided not to run, but other Republicans are lining up to take on Mr. Bayh, who is polling at less than 50 percent against two other possible Republican challengers.

Another Democratic seat now in play is Mr. Obama's former seat in Illinois. His appointed replacement, Roland W. Burris, is not seeking election, and polls ahead of Tuesday's primary showed moderate Republican Rep. Mark Steven Kirk, a Navy reservist who recently returned from a deployment to Afghanistan, running strongly against any likely Democratic opponent.

The political atmosphere in Colorado also has changed sharply. The latest poll by Daily Kos, a liberal Web site, gave a one-point edge to freshman Sen. Michael Bennet, a Democrat, but recent polls by Rasmussen show former Lt. Gov. Jane Norton, a Republican, with a 12-point lead over the incumbent.

Some analysts said that turning the Senate contests into a vote of confidence on the Democratic majorities in Congress could be a winning strategy this fall for the Republicans, especially among independents.

"The best thing the GOP can do is to keep the election as a referendum on the Democrats, rather than a choice between the parties," said pollster Scott Rasmussen. "Unaffiliated voters voted against the party in power during 2006 and 2008. They did so again in 2009, and appear poised to do so in 2010."

Mr. Zogby said Republicans "are at the mercy of the economy."

"If there is any uptick in employment or other key indicators, the administration can claim success," he said.

On Monday, the Obama administration predicted little improvement in the nation's job situation. The forecast was a 9.8 percent unemployment rate at the end of this year, down only slightly from the current rate of 10 percent.

Even if Republicans do not take back control of the Senate this year, the outcome could serve them well.

"I'm not sure that Republicans want to win control in 2010," Mr. Rasmussen said. "It would probably be better for them to get close in this cycle and leave the Democrats on top heading into 2012. The Senate lineup that year will give Republicans plenty of opportunities."


© Copyright 2010 The Washington Times, LLC

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The Almanac - Feb. 3 - Post Chronicle

Posted: 03 Feb 2010 04:25 AM PST

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Today is Wednesday, Feb. 3, the 34th day of 2009 with 331 to follow.

The moon is waning. The morning star is Mercury. The evening stars are Mars, Jupiter, Saturn, Venus, Uranus and Neptune.

Those born on this date are under the sign of Aquarius. They include German composer Felix Mendelssohn in 1809; U.S. journalist Horace Greeley in 1811; Elizabeth Blackwell, the first woman doctor of medicine, in 1821; poet and novelist Gertrude Stein in 1874; artist Norman Rockwell in 1894; gangster Charles Arthur "Pretty Boy" Floyd in 1904; author James Michener in 1907; comedians Joey Bishop in 1918 and Shelley Berman in 1926 (age 84); Pro Football Hall of Fame quarterbacks Fran Tarkenton in 1940 (age 70) and Bob Griese in 1945 (age 65); professional golfer Retief Goosen in 1969 (age 41); and actors Blythe Danner in 1943 (age 67), Morgan Fairchild in 1950 (age 60), Nathan Lane in 1956 (age 54), Thomas Calabro in 1959 (age 51),Maura Tierney ("ER") in 1965 (age 45) and Warwick Davis in 1970 (age 40).

On this date in history:

In 1377, 2,000 people in Cesena, Italy, were killed Papal Troops in what became known as the Cesena Bloodbath.

In 1690, Massachusetts Colony issues the first paper money in America.

In 1783, Spain recognizes the independence of the United States from Great Britain.

In 1870, the 15th Amendment to the U.S. Constitution was ratified, decreeing that the right to vote shall not be denied on account of race, color or previous condition of servitude.

In 1913, the 16th Amendment, allowing establishment of an income tax, became part of the U.S. Constitution after ratification by Wyoming.

In 1917, the United States broke off diplomatic relations with Germany after a German declaration of unrestricted submarine warfare.

In 1924, Woodrow Wilson, the 28th president of the United States, died in Washington at the age of 67.

In 1959, singers Buddy Holly, J.P. "The Big Bopper" Richardson and Ritchie Valens were killed in a plane crash near Mason City, Iowa.

In 1966, the Soviet Union accomplished the first controlled landing on the moon when the unmanned spacecraft Lunik 9 touched down on the Ocean of Storms.

In 1973, U.S. President Richard Nixon signed into law the Endangered Species Act.

In 1992, angry rhetoric escalated between the United States and Japan when Japanese Prime Minister Miyazawa accused U.S. workers of lacking a "work ethic."

In 1994, the shuttle Discovery blasted off into space with the first Russian astronaut aboard a U.S. spacecraft.

Also in 1994, U.S. President Bill Clinton announced the United States was lifting its trade embargo against Vietnam.

In 1998, Texas executed Karla Faye Tucker the first female inmate to be put to death by the state in 135 years.

Also in 1998, a U.S. Marine jetfighter, flying low over mountains in Italy, accidentally severed a ski lift cable, sending 20 people in a cable car plunging to their deaths.

In 2003, U.S. President George W. Bush sent lawmakers a $2.23 trillion budget for 2004, including major new tax cuts and a big increase in defense spending, projecting a deficit of $307.4 billion.

In 2004, the discovery of the lethal poison ricin in the mailroom of U.S. Sen. Bill Frist, R-Tenn., the Senate majority leader, forced the closing of three Senate office buildings in Washington.

In 2005, investigators looking into the U.N. oil-for-food program reported finding gross mismanagement.

Also in 2005, more than 50 people died when a train rammed a trailer carrying a wedding party at a railroad crossing in India.

In 2006, almost 200 people were reported dead with another 800 listed as missing after an Egyptian ferry sank in the Red Sea off the coast of Egypt.

In 2007, a truck bomb exploded in a Baghdad market killing at least 135 and injuring more than 300.

In 2008, strong earthquakes in the Great Lakes region of Africa, centering on Rwanda and the Democratic Republic of Congo, killed at least 30 people and injured more than 300 others.

Also in 2008, Serbian President Boris Tadic, a pro-Western leader who favors closer ties with the United States, won re-election over a hard-line Radical Party candidate.

In 2009, U.S. President Barack Obama was reported considering tougher sanctions against Iran after that nation's launch of its first space satellite.

Also in 2009, U.S. President Barack Obama signed a bill expanding a popular health insurance program for children.

A thought for the day: Ralph Waldo Emerson said, "What lies behind us and what lies before us are tiny matters compared to what lies within us." (c) UPI

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