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Strategies & Market Trends : the Women of SI -- Ignore unavailable to you. Want to Upgrade?

To: Rainy_Day_Woman who wrote (707)	4/5/1999 9:21:00 AM
From: Rainy_Day_Woman	Read Replies (1) \| Respond to of 1691

Monday April 5, 8:39 am Eastern Time Wall Street seen opening higher on jobless data By Jennifer Shaw NEW YORK, April 5 (Reuters) - Wall Street stocks were expected to open higher on Monday in response to U.S. jobs figures for March that showed economic growth may be slowing. Trading is expected to be quiet, with investors returning from a three-day Easter weekend and many overseas markets still closed. ''We've got a delayed response to the (Friday) unemployment numbers, which eased concerns about spiraling rates,'' said Larry Wachtel, market analyst at Prudential Securities. Wachtel added, ''Trading will be quiet with Europe closed, and there will still be hesitancy because of the Balkans.'' The U.S. Labor Department reported Friday that the jobless rate fell to 4.2 percent in March, the lowest level since February 1970, but the number of workers on payrolls outside the farm sector grew by just 46,000, the weakest figure in four years. Slower growth is a positive for Wall Street because it means the Federal Reserve is not likely to see a need to raise interest rates in order to cool down the economy. ''The bottom line is there is no inflation and that's the good news for the stock market,'' said Peter Cardillo, director of research for Westfalia investments. While the stock market was closed Friday, bonds rallied on the jobless data. The Dow Jones industrial average closed Thursday at 9,832.51. With the jobless data out of the way, first-quarter corporate profits will move firmly onto Wall Street's radar screen. The first-quarter earnings reporting season begins next week. ''The biggest news on the earnings front this week could well come from pre-announcements,'' said Charles Hill, director of research at First Call. ''This should be one of the peak weeks for the quarter.'' Dell Computer Corp. (Nasdaq:DELL - news) meets with analysts later this week in New York. Several analysts have already reduced growth expectations for the company in the wake of a profit warning from competitor Compaq Computer Corp (NYSE:CPQ - news). In Tokyo, shares ended slightly higher. Stock markets in Europe were closed. At 0800 EDT/1200 GMT, June S&P futures were up 7.40 at 1310.40. The Treasury's benchmark 30-year bond was up 5/32 at 5.59 percent.