Wall Street Str...'s  Instablog

Wall Street Strategies
Send Message
Wall Street Strategies has been providing independent stock market research since 1991 to individual, retail and institutional clients through a balanced approach to investing and trading. Charles Payne, our founder and chief analyst, is routinely sought after for his stock market, political,... More
My company:
Wall Street Strategies
My book:
Be Smart, Act Fast, Get Rich
  • INVESTORS GET SOMETHING TO CHEW ON - By WSS Research Desk 0 comments
    Jul 2, 2013 2:08 PM

    By Carlos Guillen

    Continuing on yesterday's stock market uptick, equities are in the green again as better-than-expected factory orders have helped to throw a bone to investors that needed to take a bite of some solid economic data as they wait for Friday's highly awaited government jobs numbers.

    Clearly, with very little in terms of economic data out today, factory orders are serving to add to the market's enthusiasm, which began yesterday with the better than expected manufacturing data points from here at home. According to the U.S. Census Bureau, new orders for manufactured goods during May increased month-over-month by 2.1 percent to $485.0 billion, better than the Street's consensus estimate calling for a 2.0 percent month-over-month rise. Concurrently, new orders for consumer goods rose by 0.5 percent, after decreasing by 0.8 percent in the prior month, and non-defense capital goods (excluding aircraft) rose by 1.5 percent, after increasing by 1.2 percent in the prior month. These orders are considered a proxy for future business investment in items such as computers, engines and communications gear, so despite the fact that the increments have been tepid, the gains have been consistent over the last three consecutive months and may bode well for second quarter gross domestic product growth.

    (click to enlarge)

    Despite the rather strong move in stocks for most of this morning's trading session, it appears that stocks are losing some ground with the Dow Jones Industrial Average now up just over 15 points after being up over 50 points at its highest level for the day. Investors at the moment are now looking at what Friday's monthly jobs numbers will bring. As it stands, a lot rests on jobs data as the Federal Reserve has said that the strength of the labor market is one of the determining factors of monetary policy. Here again investors will be looking for a goldilocks range. Economists are expecting nonfarm payrolls to increase by 160,000 and the unemployment rate to tick down to 7.5 percent.


Back To Wall Street Strategies' Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers


More »

Latest Comments

Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.