Summer Ends on a Bang, but It's Too Early for Investors to Celebrate

FireworksThe Dow Jones Industrial Average ($INDU) gained a healthy 3% last week thanks to some encouraging economic news and a surprisingly good reading -- relatively speaking -- on the U.S. job market. After suffering its worst August in nearly a decade, the blue-chip index found a welcome way to put summer behind it.

But don't be disappointed if last week's market euphoria fails to carry over the long holiday weekend into this week's trading and beyond, says Kenny Polcari, managing director at interdealer broker ICAP Corporates.


"I don't think it's time to pop the champagne yet," Polcari tells DailyFinance's Nikhil Hutheesing in an interview on the floor of the New York Stock Exchange (NYX). "We need to see a trend of really good jobs numbers coming out. And we've got consumer confidence coming out today and weekly jobless claims on Thursday."

In other words, there's a heap of data for traders to digest this week -- so much so that last week's market action is already old news. For more on Polcari's take from the NYSE, see the video below:



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Maryanne

This is a manipulated market as well as the European markets are. This is all designed by the elites to take our wealth. I do not believe any political party as to what is going on and what is going to happen. This country needs to get back to what was and start all over. We have lost our way from the constitution, and we need to get back there. I am tired of all the manipulation, all the deficit spending, and all the lies. Oh yes, my husband and I are investors, we pulled out of the market and are investing in gold and silver. Until this country gets its act together, we will stay with our current investment.

September 07 2010 at 2:20 PM Report abuse rate up rate down Reply
skyspy696

Even though jobs reports are grim, there are companies who are hiring. Hopefully if the tax cuts go through, we'll see more jobs opening up. Until then, the "job" of the job seeker is to learn how best to go after them. There's a great site out there, StartNowCareerGuide.com that shows you how.

September 07 2010 at 12:29 PM Report abuse +1 rate up rate down Reply
tj1108

Watch for Hillary to make her move with 60 days of the Nov election.

September 07 2010 at 11:42 AM Report abuse +3 rate up rate down Reply
donut999

just a waste of time for these stories to be published. but, i guess the authors get paid. the market will trade in a range of 9,800 to 10,400 until the elections. then, it will move to either 8,500 or 11,500. wish i had a clue which one. stay out of the market unless you are a pro. it is no longer for investors.

September 07 2010 at 11:34 AM Report abuse -2 rate up rate down Reply
2 replies to donut999's comment
tj1108

This up and down works the $$ out of the little investors and the big money are the ones that make the gains.

September 07 2010 at 11:43 AM Report abuse rate up rate down Reply
donut999

amen, that is my point

September 07 2010 at 11:44 AM Report abuse -1 rate up rate down Reply
donut999

does fox have a NEWS show? never have seen that one. i have noticed one with a lot of raving lunatics screaming their opinions.

September 07 2010 at 11:30 AM Report abuse rate up rate down Reply
1 reply to donut999's comment
johnskii

And CNN and MSNBC doesn't have any lunatics , fanatics or the likes of Jim Carville either??????

September 07 2010 at 12:24 PM Report abuse rate up rate down Reply
Michael

WATCH FOX NEWS AND GET THE TRUTH!!!

September 07 2010 at 11:23 AM Report abuse +2 rate up rate down Reply
Michael

WATCH FOX NEWS!!!!!

September 07 2010 at 11:23 AM Report abuse +2 rate up rate down Reply
Michael

WE ARE GOING FAR IN THE WRONG DIRECTION. THE AMERICAN PEOPLE NEED TO FULLY KNOW THAT OBAMA HAS DONE NOTHING!!!!!!!!! HE MUST GO!!!!! VOTE REPUBLICAN IN NOVEMBER!!!

September 07 2010 at 11:23 AM Report abuse rate up rate down Reply
tdtom7

This is a stupid story. There was a similar one a week ago Monday that stocks might be down for the week heading to Labor Day, but in the end the market made a nice rally. How about having a little optimism for a change?

September 07 2010 at 10:51 AM Report abuse +2 rate up rate down Reply
ajgorm

Maybe America can apply for a reverse mortgage loan to bail us out of debt and help the EU buy us out. Then they can come here and live with us we can share our equities with them and our second and first rights to act like fools.

September 07 2010 at 10:45 AM Report abuse rate up rate down Reply