Dec 23, 2011

Stock recommendations today

Stocks drifted higher, led by financial shares, after encouraging jobless claims and consumer sentiment data offset a dreary third-quarter economic growth report.
The Dow Jones Industrial Average, as quoted by foxbusiness.com, climbed 61.9 points, or 0.51%, to 12,170, the S&P 500 gained 10.3 points, or 0.83%, to 1,254 and the Nasdaq Composite rose 21.5 points, or 0.83%, to 2,599.
Weekly jobless claims fell 4,000 to 364,000 last week, better than the 375,000 economists expected. Claims are now at the lowest level since mid-April 2008. The labor market has been slow to recover from the recession, but has shown signs of improvement.
"It appears the recovery in the labor market is gaining further traction," Troy Davig, an economist at Barclays Capital, wrote in a note to clients. Davig notes the claims reports tend to be volatile, but the recent downward movement appears to be part of a trend and not just weekly volatility.
In fact, the unemployment rate fell beneath the 9% mark in November, and first-time claims for jobless benefits are at the lowest level since 2008.
European blue chips jumped 1.3%, the English FTSE 100 rallied 1.3% to 5,457 and the German DAX gained 1.1% to 5,852. How about Indonesia stock market today? Bisnis Indonesia provides recommendations:

Sinarmas Sekuritas:
Jakarta Stock Exchange technically moves mixed within the range of 3,780-3,840. Several stocks to watch for day trading: UNVR, ITMG, ASII, and INDY.

e-Trading Securities:
Today, the JCI moves within the range of 3,748-3,833. Several stocks to watch: ITMG, HRUM< and PTBA.

Minna Padi Investama:
The index today may move sideways. Anticipating the holiday, investor tends to reduce portfolio. Mining stocks may gain, following the uptrend of the oil price.

Disclosure: No position at the stock mentioned above.

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