Market Report: Stock Ticker

October nonfarm payrolls fall more than expected; unemployment rises more than expected to 10.2% -- a 25 year high

Dollar continues to oscillate

Weak
oil and gas refiners; broadcasting; multiline insurers; diversified banks; consumer finance; consumer electronics; employment services; diversified REITs; industrial REITs

[BRIEFING.COM] In the face of news that the unemployment rate climbed to a 25-year high, stocks managed to muster a modest gain, which gave the market its fifth straight advance.

Stocks started the session moderately lower as participants made a push against stocks after learning that nonfarm payrolls fell by 190,000 in October and that the official unemployment rate climbed from 9.8% to 10.2%, the highest level since 1983. The consensus had called for job losses of 175,000 and an unemployment rate of 9.9%.

The only other item on the economic calendar was a wholesale report that indicated inventories fell 0.9% in October. The consensus had predicted a 1.0% decline. That report had no real impact on trade, though.

Despite a downward start as a result of disappointing jobs data, stocks managed to make an upward turn in the early going, then spent the rest of the session chopping sideways in listless action.

Industrials managed to put together a strong gain. The sector settled 1.2% higher amid strength in industrial conglomerate General Electric (GE 15.33, +0.90), which benefited from a pair of analyst upgrades.

Amazon.com (AMZN 126.20, +5.59) was also given an upgrade, which helped it lead retailers to a 1.7% gain.

Financials lagged for the entire session and finished with a 0.5% loss. The latest bout of selling stemmed from a sharp drop by AIG (AIG 35.48, -3.80), even though the company posted a positive earnings surprise. The insurer credited improved and stabilized market performance. Still, weakness in AIG's shares took multiline insurers to a 1.5% loss.

Recent bouts of weakness among insurers have kept the financial sector from performing in-line with the broader market, which logged a weekly gain of 3.2%. Financials finished this week with a weekly gain of 1.8%.

Though it finished just 0.3% higher this session, the materials sector made a weekly gain of 5.0%, which is among the best weekly performances of any major sector. Gold stocks were key in that move. They advanced nearly 13% this week. That was capped off by this session's 3.8% advance as the yellow metal made its way to a new record high of $1101.90 per ounce before pulling back a bit to settle with a 0.6% gain at $1096.00 per ounce.

Gold's gains weren't enough to offset general weakness among other commodities and prevent the CRB Commodity Index from booking a 1.8% loss.

[BRIEFING.COM] Gold garnered support in the face of weakness in the broader commodities space. The yellow metal made its way to a new record high of $1101.90 per ounce before pulling back a bit to settle at $1096.00 per ounce, which translates to a 0.6% gain.

Silver followed in early action, but faltered to settle with a 0.2% loss at $17.38 per ounce.

Energy performed poorly. As such, contracts for crude closed with oil priced 2.9% lower at $77.35 per barrel. Natural gas contracts closed at $4.60 each, down 3.8%.

In broader terms, the CRB Commodity Index fell a considerable 1.8%. That took it to a weekly loss of 0.3%.

[BRIEFING.COM] Utilities have been steady laggards this session. The sector is currently down 0.2%, though Edison International (EIX 33.29, +1.11) is sporting a hefty gain after bringing in better-than-expected earnings for the latest quarter and narrowing its outlook for fiscal 2009.

Electric utilities giant Dominion (D 36.02, +0.21) is also up, though to a lesser extent. The company reaffirmed its outlook for 2009 and 2010. Both forecasts are in-line with the current consensus estimate.

[BRIEFING.COM] This afternoon's action remains subdued, leaving stocks on track to finish the week on a lackluster note. In contrast, last week ended amid strong selling pressure and a spike in volatility. Participants returned to bid shares higher in each session this week, so that a weekly gain of more than 2% still looks to be in order. That will be its first weekly advance in three weeks.

Despite the recent spell of volatility in the broader market, the S&P 500 remains up 18% from 52-weeks ago. More impressive is that it is up 60% from its March low.

[BRIEFING.COM] This afternoon's action remains largely listless as the major equity averages continue to dance along the neutral line. Still, that has helped the S&P 500 keep intact its week-to-date gain of more than 2%.

The Nasdaq 100 is sporting a bit of an edge over the headline indices, however. It is currently up 0.4% amid gains by Amazon.com (AMZN 126.00, +5.39). Shares of the online retailer recently received an analyst upgrade.

[BRIEFING.COM] The stock market continues to drift along sideways. Gains remain strong among industrial stocks, which are up 1.3%, but financials continue to lag with a 0.4% loss.

Treasuries are having a rather quiet session. Accordingly, the benchmark 10-year Note is up just one tick, which has left its yield just above 3.5%.

[BRIEFING.COM] While the broader market is listlessly trading along the neutral line, airline stocks are making a strong push higher. In turn, the Amex Airline Index is up 2.7%.

Strength among air carriers is broad. Of the 13 members in the Amex Airline Index, only Ryanair Holdings (RYAAY 26.37, -0.12) is trading with a loss.

[BRIEFING.COM] The major indices continue to trade with modest losses, which remain rather broad. As such, declining issues outnumber advancers by 2-to-1 in the S&P 500 and Dow Jones Industrial Average.

Meanwhile, selling pressure has picked up against oil. In turn, contracts for crude are being priced 3.3% lower at $77.00 per barrel. Amid that slide and listless action in the broader equity market, energy stocks have fallen to a 0.4% loss.

[BRIEFING.COM] The stock market's early advance has rolled over, leaving the three major indices to return to negative territory. The drop, however, has only offset a small portion of the previous session's heady gain and stocks are still trending toward a week-to-date gain in excess of 2%.

Financials continue to be a drag; the sector is now down 1.1%. AIG (AIG 35.48, -3.80) is a primary laggard in the sector. Shares of the insurer have been shunned for the entire session, despite better-than-expected earnings for its latest quarter. AIG's weakness has spread to its peers and dragged multiline insurers, as a group, to a 2.8% loss.

Of the 10 major sectors, only consumer discretionary stocks (+0.1%) and materials stocks (+0.5%) are sporting gains.

[BRIEFING.COM] The U.S. dollar had garnered support in the minutes following a disappointing October jobs report, but it has since buckled so that the Dollar Index is down 0.2%. Despite the dollar's drop, commodities are seing mixed interest.

Gold prices have ascended to new record highs and currently sport a 0.7% gain at $1097.30 per ounce. Contracts had priced the yellow metal as high as $1101.90 per ounce.

Silver has followed suit. Prices for the precious metal are up 0.5% to $17.51 per ounce.

Oil has come under considerable pressure, though. Contracts for crude are being priced 2.7% lower at $77.50 per barrel.

Natural gas is also contending with selling. Contracts are being priced at $4.64 each, down 3.0%.

[BRIEFING.COM] Stocks are still trading with modest gains, which are generally broad based. However, financials are trading as noticeable laggards; the sector is down 0.5%.

Financials are being hampered by weakness among shares of diversified banks (-1.3%) and ongoing losses among shares of insurers (-1.6%).

Separately, wholesale inventories fell 0.9%, which was a tad less severe than the 1.0% declilne that had been widely forecast. Stocks haven't shown much reaction to the news.

[BRIEFING.COM] Weighed down by a disappointing jobs report, stocks started the session in negative territory, but they have since made a strong, upward move to positive territory.

Amid the upturn, shares of retailers are garnering particular support. As a group, retailers are up 1.5%. That's giving a lift to the consumer discretionary sector, which is up a solid 0.6%.

Industrials make up the best performing sector, though. Industrials are currently up 0.9% as General Electric (GE 15.16, +0.73) benefits from a pair of analyst upgrades.