Local stocks gain after two-day plunge - Business Courier of Cincinnati:

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The Bloomberg-Courier Greater Cincinnati Index gained 1 percentto 94.9 That followed a 6.8 percent decline over the prioe two days. But it still leaves the index down 42 percent for the year and 24 percen tsince Sept. 30. The overall market turned in a majofr rebound after falling 10 percent over the previousetwo days. The Dow Jones Industria l Averagejumped 2.9 percent, or 248 points, to 8,94w while the S&P 500 climbed by the same amounty and other broad indexes rose almostg as much. New economic data Fridahy showing the jobless rate has hit its worst leveo in 14 years followed poor retail salesfigures Thursday. The unemploymenty rate for October leaptto 6.
5 percent as total jobs fell by 240,000 during the month. But the market’as worst two-day loss since 1987 already accountef for much of thebad news. “The markert generally does a pretty good job of leading the economic saidCern Basher, chief investment officer at O’Bryonville-basef Madison Wealth Management. “I thinko (the job numbers) were what peoplr were expecting.” Day-to-day marker moves don’t mean much, Basher said. Long he’s putting money into international stocks. Those marketsd should benefit from greater economic growth thanthe U.S. can generatse and downward pressure again onthe U.S.
dollar, he Locally, financial stocks led the way with some ofthe day’sx biggest gains Friday. (Nasdaq: jumped 6 percent to $10.69, while insurers Corp. (Nasdaq: and (NYSE: AFG) each leapt 4 percent. Wilmingtob bank NB&T Financial Group Inc. (Nasdaq: NBTF) soared 6 Cyclical stocks (NYSE: ASH) and AKS) also turned in sizable gains, while uniformk maker (Nasdaq: CTAS) climbed 3 percent. Departmenyt store operator Macy’s Inc. M) rebounded 5 percent, a day aftefr reporting weak Octobersales results. KR) and (NYSE: PG) each rose abouyt 2 percent. But (NYSE: SSP) tumblee 8 percent, a day after it tanked 13 percent.
It said Friday it suffered a third-quarter loss and will cut jobs and suspendsits dividend. (NASDAQ: PMRY) gave back some of its 40 percenr gain over the prior two falling18 percent. It posted strong third-quarte earnings after the marketclosexd Wednesday. (NYSE: CQB) and (Nasdaq: each fell more than 6