New from ADP that the private sector added 206,000 jobs this month helped push stocks higher. The three major exchanges–DJIA, NASDAQ, and S&P 500 were up nearly 3%
Some stock of major companies were up much more
Even big banks, where were downgraded by S&P yesterday, were part of the rally. The improving ecomony is seen as a counter balance to liability problems which include EU sovereign debt. Share of the weakest of large American banks–Bank of America (NYSE: BAC) were higher by 5.1% to $5.33. Observers were worried share could drop below the psychologically important $5 level. Cititgroup (NYSE: C) shares were up by 5.2% to $26.56. Morgan Stanley (NYSE: MS) was higher by 7.1% to $14.25.
The reaction by non-financial tech sector investors was less sanquine. Microsoft (NASDAQ: MSFT) was up by only 1.9% to $23.32. Apple (NASDAQ: AAPL) was up only 1.7% to $379.57. Some analysts have dropped estimates because of the belief that holiday sales may be slow.
Shares of embattled Netflix (NASDAQ: NFLX) were up a modest 1.4% to $68.53. Shares of recent IPO Groupon (NASDAQ: GRPN), which have lost 50% of their value since the offering, were up 2.5% to $16.42.
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