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DJIA: +96.66 CLOSE 9,441.27
S&P 500 +13.16 CLOSE 1,016.40
NASDAQ +35.58 CLOSE 2,018.78
CNN/MONEY: Stocks rallied Friday in a thinly traded session ahead of the Labor Day weekend, as investors focused on the positives in a mixed report on the labor market . . READ MORE
REUTERS: U.S. stocks closed higher on Friday as investors focused on the bright side of a mixed payrolls report that showed smaller-than-expected job cuts in August, although the unemployment rate hit a 26-year high . . . Gains were broad-based, with technology shares leading the charge . . . READ MORE
ANALYST: UNEMPLOYMENT PUTTING
'DOWNWARD PRESSURE' ON WAGES
BLOOMBERG: Tony Crescenzi, a market strategist and portfolio manager at Pacific Investment Management Co., manager of the world’s biggest bond fund, said the U.S. faces a slow recovery because unemployment is persisting . . . "The key ingredient for a sustainable recovery is still absent," Crescenzi said today in an interview on Bloomberg Radio. “We need income growth to produce self-reinforcing expansion. . . . The duration of unemployment will be longer and will put downward pressure on wages." . . . READ MORE
FANNIE, FREDDIE STOCKS RISE
THE STREET: Fannie Mae and Freddie Mac shares were up big on unusually heavy volumes Friday, even though few sane people believe the stocks have much value. "I think they're worth zero," said Malcolm Polley, CIO of Stewart Capital Advisors, a $900 million money manager near Pittsburgh. "It's the same with AIG. It's ridiculous that people are allowed to trade in these securities. They're being treated as lottery tickets." . . . READ MORE WHITE HOUSE DEFENDS STIMULUS
THE HILL: The Obama administration beat back criticism of its economic policies Friday as the nation's unemployment rate jumped to 9.7 percent. White House press secretary Robert Gibbs said the 216,000 jobs the economy lost in August is less than a third of those lost in January, which he said is proof that the $787 billion stimulus is working. "We're making progress in slowing down the number of jobs lost," said Gibbs . . . READ MORE
'CASH FOR CLUNKERS' PROGRAM
FAILS TO CREATE U.S. AUTO JOBS
HERITAGE FOUNDATION: Congress passed the Cash for Clunkers program in order to increase automobile employment and save jobs. . . . The employment report shows that -- despite the Cash for Clunkers craze, and the $2 billion Congress added to the program at the end of July -- motor vehicles and parts manufactures shed 15,000 jobs in August. That erased half of the jobs gained in July and continued the yearlong downward trend . . . READ MORE
GOLD MISSES $1,000 MARK
FORBES: Gold futures ended $1 lower Friday as prices failed to surpass $1,000 an ounce, and the precious metal could be vulnerable to near-term profit taking after this week's rally, traders said . . . READ MORE
COMMENTARY/CATO INSTITUTE
'BUBBLE' LESSONS NOT LEARNED
MARK A. CALABRIA: The housing boom and bust that occurred earlier in this decade resulted from efforts by Fannie Mae and Freddie Mac -- the government sponsored enterprises with implicit backing from taxpayers -- to extend mortgage credit to high-risk borrowers. This lending did not impose appropriate conditions on borrower income and assets, and it included loans with minimal down payments. We know how that turned out . . . READ MORE
COMMENTARY/THE NEW LEDGER
THE DEATH OF AMERICAN SUBURBS?
FRANCIS CIANFRACCO/BEN DOMENECH: Podcast discussion about what the housing-market collapse has done in the hardest-hit areas in the country -- specifically, suburban California. Are suburbs really halving in value? What are the societal ramifications of it not making economic sense to live in suburbs? . . . READ MORE
Friday, September 4, 2009
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