This is The Wall Street Digest Hotline Update for Friday, February 2, 2007, at 6:00 p.m. EST.
Stock prices were mixed today after an excellent January Jobs report this morning. At the close, the Dow lost 20 points, closing at 12,653; the Nasdaq added 8 points, to close at 2,475; oil closed up $1.72 to $59.02 per barrel; and gold closed down $11.50 at $651.50 an ounce.
The January Jobs Creation report revealed that 111,000 new jobs were created last month. In addition, the November and December jobs reports were both revised higher, adding a total of another 81,000 new jobs. Stock prices moved higher during the morning session after the favorable job report was released at 8:30 a.m.
Yesterday, pending home sales were up 4.9 percent, indicating that future existing home sales will be positive for all four regions of the country.
Market volatility over fourth-quarter earnings will subside on/or about February 15, 2007, after which the market should move higher. The stock market is still undervalued by 28 percent. You should be fully invested. Stay close to our telephone/e-mail/website Hotline Updates.
The next Hotline Update will be on Tuesday, February 6, 2007, at 6:00 p.m. EST.