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Wednesday, October 01, 2008
Treasurys Up After ADP Noted Fewer Job Cuts Than Expected
Deborah Levine
MarketWatch Pulse
NEW YORK -- Treasurys remained higher Wednesday after a private employment report said the economy cut 8,000 private jobs in September. Ten-year note yields fell 8 basis points to 3.75%. Economists surveyed by MarketWatch expected ADP to say 65,000 jobs had been lost. The report hasn't been consistent in predicting the government's closely-watched monthly jobs report, released in two days. The Institute of Supply Management's manufacturing index for September is due at 10 a.m. Eastern. Treasurys advanced before the report as U.S. stock futures headed lower. The U.S. Senate is scheduled to vote Wednesday on its version of the $700 billion package to rescue financial institutions with bad assets, two days after the House of Representatives rejected the original legislation.
Copyright © 2008 MarketWatch, Inc.
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A specialist is a member of a stock exchange who works as an auctioneer for a specific stock and/or stocks. It can be an individual, partnership, corporation or group of firms.
The specialist works to maintain a "fair and orderly market" for respective stocks, matching up buyers and sellers by displaying the best "bid" and "ask" prices at its trading post. If buys are not equal to sells, the specialist evens the scale by buying or selling shares, accordingly. However, they cannot make their own transactions until all investor orders have been placed.
Gauging supply and demand, the specialist sets an opening price for the stocks in its domain. If a price has not been set by the time the market opens, the specialist can delay that particular stock's opening.
Specialists make money off the "spread," which is the difference between bid and ask prices on orders.
