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Market Update : 
AIG, GE Lead Dow up 1%
Author: Elena Todorova
123jump.com
Last Update: 12:22 PM EST March 10 2006


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Strong monthly employment data boosted stocks Friday morning. The three major averages extended gains with the Dow climbing 1% on support provided by General Motors and AIG. Pfizer was the only declining stock of all Dow components. The tech sector advanced sending the Nasdaq higher with particularly strong help from semiconductor and computer hardware stocks.

 
8:00AM Asian markets finished mixed. The Nikkei advanced.
Asian-Pacific benchmarks closed mixed. The Nikkei extended yesterday’s gains, rising 0.5% to 16,115.63, supported by optimism in domestic economy after the Bank of Japan said it would end its five-year-old quantitative easing, but retain its zero-interest rate. The Japanese index advanced despite a weaker close of U.S. markets and disappointing economic data. Leading gainers were autos and banking issues. Across the region, South Korea’s Kospi climbed 0.7%, ending a three-day losing streak, helped by stronger tech stocks, while Hong Kong’s Hang Seng declined 0.4% on interest-related uncertainty. Indian stocks surged to 1.8%.

European stocks dropped at mid-day dealings, reflecting lower close on Wall Street, interest-rate concerns and cautiousness ahead of non-farm payrolls data release. Decliners included miners like Anglo American, down 2.1%, banks such as ABN Amro, down 0.5%, and aerospace defense contractor Thales, falling 0.7%. The German DAX 30 fell 0.3%, the French CAC 40 declined 0.1%, and London FTSE 100 lost 0.1%. The euro rose 0.2% versus the dollar to $1.1918.
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