Mild jobs may lift stocks as `07 starts

When Wall Street returns to work after New Year`s Day, stock investors will be in the mood to buy -- that is, if manufacturing and jobs data show modest growth.

New York, Jan 02: When Wall Street returns to work after New Year's Day, stock investors will be in the mood to buy -- that is, if manufacturing and jobs data show modest growth.

After the U.S. stock market's surge in 2006, there may be an inclination to sell some shares and take profits early this week, said Muriel Siebert, the founder and president of Muriel Siebert & Co., a discount brokerage based in New York.

"It's only a three-day week. Since we've had such a powerful market, you could see people taking profits," said Siebert, who was the first woman to own a seat on the New York Stock Exchange.

Some clients who are retired have said they will examine their portfolios over the weekend to see which stocks to sell "so they start the year off with a cushion," she added.

But Siebert believes that pension funds and other investors will be shopping for equities next week.

"There's fresh money that comes in at this time of year," she said. "There's just so much money sloshing around. The hedge funds and the private equity people have put so much money into this market."

The U.S. stock market will be closed on Monday, January 1, for New Year's Day, and on Tuesday, January 2, to observe a national day of mourning for former President Gerald Ford, who died last week.

Bureau Report

Zee News App: Read latest news of India and world, bollywood news, business updates, cricket scores, etc. Download the Zee news app now to keep up with daily breaking news and live news event coverage.
Tags: