05 October, 2007

Jobs Report puts Market in a Bullish Mood

The US Labor situation got a much needed boost last month as payrolls in September increased by 110,000. The Market feared dipping into a recession as the August report showed a decrease of 4000 jobs. This number was actually revised upwards to show a gain of 89,000 jobs. These macro-metrics put the markets in bullish territory early and the indices never looked back.

The Nasdaq led the way with a 1.7% gain and the Dow, S&P and Canadian TSX were all up between .7 and 1%. Canadian Technology power and BlackBerry maker Research In Motion (RIMM) led the way on the Canadian side as the company's strong earnings and guidance going forward lifted shares over 12%. The optimism surrounding the company and its popular line of electronics helped prop tech stocks for the entire trading session.

Investors go into the weekend on a high and as the Americans are back at it on Monday their Canadian counterparts get the day off to Celebrate the Thanksgiving Holiday.

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