Stocks Start Week With a Slow Veterans Day Winhttp://www.fool.com/investing/general/2013/11/11/stocks-start-week-with-a-slow-veterans-day-win.aspx Jack Kramer and Nick Martell
November 11, 2013
Whether you celebrate Veterans Day by watching endless Band of Brothers reruns or preparing a George Washington-approved meal of hamburgers and Hershey's bars, the holiday is a slow one on Wall Street. While the stock market was open for business, banks were on vacation -- The Dow inched up 21 points Monday to a fresh new record as investors look forward to the confirmation of a new Federal Reserve Chair(wo)man later this week.
1. Friday's big jobs data keeps markets positive
With bond markets closed Monday, investors placed orders to the traders sitting around the stock exchanges in New York City on the slow day. The juicy topic still fresh on Wall Street's mind: the shocking October jobs report from Friday, in which the recently reopened Labor Department reported that 204,000 jobs were added to the American economy in October (Forbes).
Despite 16 days of turmoil in Washington and hundreds of thousands of federal workers on furlough catching up on their long-overdue Shark Tank season 5 TV binge, businesses were hiring, and that's a majorly positive sign for the recovery. The unemployment rate ticked up a tad from 7.2% to 7.3%, but the fact that the number of new jobs nearly doubled what analysts projected was the dominating headline.
With positive news always comes the scary flip side: Investors wonder when the Federal Reserve's "quantitative easing" stimulus policy that they love so much will begin to taper. The general feeling is that the economy responded in the face of adversity like Rocky in the second round against Drago, and Wall Street was impressed enough by the positive report to kill its worries about the end of the Fed's market-friendly stimulus moves.
It's all about timing. The core of the American economy is and always