Wed, Nov 25 2009
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Stocks advance after mixed data; Jobs report looms MADLEN READ & IEVA M. AUGSTUMSAP Business Writers "Some of the buying that wasn't done yesterday is being done today," said Richard E. Cripps, chief market strategist for Stifel Nicolaus, adding that he was surprised by Wednesday's upward move. "There isn't a lot of convincing volume here to read too much into this." The Dow rose 57.06, or 0.7 percent, to 8,504.06. It climbed as high as 8,580.47 in earlier trading, but then pared its gains as the day went on. The Standard & Poor's 500 index rose 4.01, or 0.4 percent, to 923.33. The Nasdaq composite index rose 10.68, or 0.6 percent, to 1,845.72. Scott Fullman, director of derivatives investment strategy for WJB Capital Group, said the employment report — along with thin, pre-holiday trading volumes — could make for a volatile market Thursday. U.S. markets are closed Friday in observance of the July Fourth holiday. Nonetheless, investors remain optimistic that the economy will be in better shape by the end of the year. "The belief is the worst is behind us," Fullman said. About three stocks rose for every one that fell on the New York Stock Exchange, where consolidated volume came to a lower-than-usual 4 billion shares, versus 4.9 billion shares the day before. Bond prices were little changed. The yield on the benchmark 10-year Treasury note, which moves opposite its price, was flat at 3.54 percent. 
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