Strong Employment Figures and Other Economic Fantasies
Economists are expecting employment numbers to gain again in January, after 200,000 jobs were added to the U.S. economy in December, according to a Bloomberg survey. Analysts on average expected 140,000 jobs to be added to the economy, despite disappointing consumer spending in recent months.
Facebook filed a highly anticipated five billion dollar IPO last night, which has made the entire social media sector boom today. LinkedIn (NYSE: LNKD) is up nearly 6% and Groupon (NASDAQ: GRPN) is trading up almost 7%. As a result, the Global X Social Media Index Fund ETF (NASDAQ: SOCL), in which aforementioned stocks have a significant weight is up 2.5%.
Wednesday saw Chrysler report its first annual profit in seven years. Not since 2005 has the company, the only non-traded auto manufacturer in the Detroit “big 3”, been able to report a profit, and it comes only two years after a federal bailout, a bankruptcy filing and a takeover by Fiat.
Verizon Wireless (NYSE: VZ) may be able to commiserate with Charles Dickens ever popular adage, “it was the best of times, it was the worst of times.” The company sold a record-breaking 4.2 million iPhone's in its fourth quarter, not to mention the plethora of other “i” products it moved throughout the holiday months.