Filed under: Economy , Investing As news broke that the U.S. jobless rate crossed the dreaded 10 percent mark, many investors braced for the market’s reaction. The response to word that unemployment reached levels not seen since 1983? The Dow Jones industrial average closed up 17.46 points to 10,023.42 and the S&P 500 ended the day at 1,069.30, up 2.67 points. Not exactly a sell-off. So did news on Friday of 10.2 percent unemployment represent a buying opportunity? For those who follow market trends, it did. Although the labor department said the country in October lost 190,000 jobs — or 15,000 more than expected — active traders in the market keyed in on another unemployment statistic: the monthly revisions of unemployment results. That’s when government statisticians, armed with more complete data, go back and and revise up or down previous months’ unemployment figures. Continue reading Why 10% jobless rate means misery for many, buying opportunity for some Why 10% jobless rate means misery for many, buying opportunity for some originally appeared on DailyFinance on Sat, 07 Nov 2009 12:00:00 EST. Please see our terms for use of feeds . Permalink | Email this | Comments

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Why 10% jobless rate means misery for many, buying opportunity for some

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