Investors look past unemployment report to send tech, bank stocks higher
Read Full Story
Something overshadowed this morning's worse-than-expected employment report, sending stocks higher. But what was it?
First, the London Inter-Bank Offered Rate, or LIBOR, an important interest rate that helps determine how much it costs banks to borrow money to fund their businesses, fell sharply. That sent financials higher. And CA Inc. (CA
), a big software maker, reported earnings that beat analysts expectations, reviving tech stocks.
), Microsoft (MSFT
), JPMorgan Chase (JPM
) and Citigroup (C
) all outperformed, pushing the Dow Jones industrial average up 46 points
, or about 0.5 percent, to close at 8,331. Even after today's gains, the DJIA is down more than 2.8 percent this week.
For more on stocks making moves today, be sure to check out BloggingStocks' market wrap-up