FX.co ★ The US market review for 08/10/2010

Friday the trading session in the USA ended with the increase of the stock indices. The weak data on labor market has raised hopes the FRS will implement new stimulating measures.
The DJIA rose by 57.9 points or by 0.53% to 11006.48 points. From the beginning of the week, the Dow Industrial gained 1.6% and is up by 5.5% year-on year. The Nasdaq Composite grew by 0.77% to 2401.91 points, the index added 1.3 for a week. The Standard & Poor’s 500 edged up by 0.61% to 1165.15.
Alcoa shares rose in price by 5.7%, the company published the report for the third quarter on Thursday evening. Alcoa announced the decline in profit by 21%, which turned out to be better than the expectations, and it raised the forecast for demand in 2010. Caterpillar stocks increased by 2.1%, Walt Disney rose by 1.8%, Procter & Gamble advanced by 1.7%.
Adobe Systems shares fell in price by 1.7 dollars or by 5.9% to 26.99 dollars after Thursday’s sharp rally, amid talks about potential takeover by Microsoft appeared.
J.C. Penney papers surged by 85 cents or by 2.7% to 32.49. William Ackman’s Pershing Square Capital Management reported it controls 16.5% stake of J.C. Penney, which is about 37.1 million shares, including options. It makes Pershing the retailer’s largest holder.
According to Friday data published by the US Labor Department the number of jobs in private sector increased only by 64 000 in September. The non-farm payrolls reduced by 95 000, as the curtailment of temporary workers hired for the census 2010 continued. The unemployment level remained flat in September at 9.6%, it was expected that it would advance to 9.7%. The reported data reflected the complicated situation on the US labor market 15 months after the recession officially ended. However, the possibility that the FRS will take new expansionary measures on November 3 increased.