3 Things That Could Move Financial Stocks Today:
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NEW YORK (TheStreet) -- The Labor Department will release its monthly Employment Situation Report on Friday. Economists expect 150,000 new jobs for last month, with companies adding 170,000, according to estimates from Thomson Reuters.
The unemployment rate is likely to remain at 8.5%. A better-than-expected jobs report could lift bank stocks, as they are highly sensitive to the economy.
The financial sector also appears to be among the industries in retrenchment mode. According to outplacement firm Challenger Gray and Christmas, Wall Street announced 7611 job cuts. Since September, the sector has seen 31,767 job losses. Bank of America announced last year that it will lay off 30,000 jobs as part of a massive expense reduction plan.
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