Yesterday, two of the major indices closed the day in the green, with the Dow ending the day virtually flat.
Gain / Loss
Gain / Loss %
|Dow Jones Industrial Average (INDEX: ^DJI )||-2.72||-0.02%||12,415.7|
|Nasdaq (INDEX: ^IXIC )||+21.50||+0.81%||2,669.86|
Surprisingly enough, though the Nasdaq was the most dominant index yesterday, the real story was financials. Bank of America
The market certainly showed some resilience yesterday after it clawed back the early morning loses. Will today be the same? Well, that largely depends on the quality of news released. Unemployment figures are due out early today. The market is expecting the unemployment level to come in at 8.7%, up from the prior 8.6%. This will come in the form of two major reports -- one from the Bureau of Labor Statistics, and one from the U.S. Department of Labor.
Also keep your eyes on the hourly earnings and average work-week figures. These are key measures for gauging industrial production and personal income.
Specifics to watch
The U.S. dollar made big gains against the euro, so look today to see whether it can hang on to the gains.
Look for a lot of activity in Direxion Daily Financials Bull 3X leveraged ETF
The better approach
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Austin Smith owns no shares of the companies mentioned here. The Motley Fool owns shares of Bank of America. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.