U.S. Unemployment Hits Four-Year Low: Preview Of Next Week’s Economic Calendar

Category: Markets / Finance / Mar 08, 2013 5:27PM EDT
Wall Street surged again on Friday, hitting yet another closing high, after data showed that U.S. employers stepped up hiring in February. The unemployment rate fell to a four year-low even after tax increases and spending cuts from the fiscal cliff crisis; but December and January's employment data was actually revised to show 15,000 fewer jobs added than previously reported. However the details of the report showed that construction added the most jobs since March 2007. The jobs report today helped continue to propel the Dow to record highs. Next week’s economic calendar includes key events such as euro zone industrial production and employment data. On Wednesday we’ll see February retail sales and January inventories data and for Thursday, weekly jobless claims are released. Finally, next Friday consumer sentiment and the Empire State Index are released. The last consumer sentiment report showed a rise in confidence as Americans were more optimistic that the job market will improve. The Dow Jones industrial average finished the day up 67.58 points, or 0.47 percent, to end at 14,397.07. The Standard & Poor's 500 Index was up 6.92 points, or 0.45 percent, to finish at 1,551.18. The Nasdaq Composite Index was up 12.28 points, or 0.38 percent, to close at 3,244.37. For the week, the Dow was up 2.2 percent, the S&P 500 was up 2.2 percent and the Nasdaq was up 2.4 percent.