Happy Mufti Day Traders, US Market Report:Stocks extended their...

Happy Mufti Day Traders,

US Market Report:

Stocks extended their gains Thursday as bulls continued to cheer the initial unemployment claims data falling to their lowest level in nearly three years, along with a 1% drop in the price of oil.

All 30 members of the Dow were higher. The blue chips were on pace for their best single-day performance since early February. Investors said Thursday's gains was fueled by a strong weekly jobless claims report, which showed the number of people who filed for unemployment benefits dropping to its lowest level since May 2008.

"It's giving the market a lot of optimism going into tomorrow's non-farm payrolls report," said John Dickson, chief market strategist at D.A. Davidson & Co.

Stocks also got a major boost from a calming in the energy markets -- crude oil was down 53 cents a barrel in afternoon trading. Oil was down on news reports that Libyan leader Moammar Gadhafi might agree to a peace negotiations mediated by Venezuela's Hugo Chavez. "This has been a very headline-driven market in recent weeks, the oil market especially," Dickson said. [Source: cnnmoney.com]

Market Reflections - Thursday, 3rd March, 2011

A second major drop in initial jobless claims has raised expectations for strong employment data tomorrow, sending the Dow up more than 1-1/2 percent to 12,258. Interest rates shot higher on the prospect of stronger economic growth and the pulling forward of a shift in Federal Reserve policy. The 2-year Treasury rate jumped a very steep nine basis points to 0.78 percent.

The jump in rates couldn't keep the dollar from falling as very hawkish comments out of Europe pushed the euro up 3/4 of a percent to $1.3950. Economic growth in Europe is also on the comeback as is the risk of inflation, the latter specifically raising serious talk for an April rate hike in the continent. The dollar index fell 1/4 percent.

Rate hikes pose interest-bearing competition to precious metals. Gold fell $30 to just over $1,410. No concrete developments in Libya held oil in check at $102. [Source: bloomberg.com]

Market Focus in the US this evening

Anything but a solid gain for payrolls will be a big disappointment. [Source: bloomberg.com]
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The DJIA Index finished the last trading session: Up 191.40 points; and
The SPI Futures are currently: Up 49 points atm.
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Of note in the US this evening:

Employment Situation (inclusive of Non-Farm Payrolls & Unemployment Rate) [ Market moving indicator]

Factory Orders [ Merits extra attention]

Janet Yellen speaks
[Federal Reserve Vice Chair - Speech on improving the international financial system at the Banque de France in Paris.]

Of note in Australia today:

Please note there is no noteworthy 'Economic news' due to be released in Australia today;

...AND...

'Economic news' of note Elsewhere:

Canada: Ivey Purchasing Managers Index (Feb) [ Merits extra attention]

European Monetary Union: ECB Trichet's Speech [ Merits extra attention]

[Sources used: bloomberg.com; dailyfx.com; fxstreet.com; nasdaq.com]
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Gold is currently trading Down $20.40 & is sitting at US$1,415.30/oz atm [Source: Kitco]
Oil is currently trading Down $0.32 & is sitting at US$101.91/bbl atm [Source: Bloomberg]
The Dollar: The AUD is currently trading @ $1.0118c against the US Dollar [Source: Forex. Live]
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Have a great day trading today all.

Cheers, Tweets

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