Today’s stocks surge not enough, Obama needs good jobs report

obama_dnc_speech_2012

By Ira Kantor | The Boston Herald | September 6, 2012

Soaring financial markets may bode well for President Obama’s confidence as he accepts his party’s presidential nomination tonight in North Carolina, but it will only take a poor jobs report for August to immediately pull the rug out of any economic momentum the commander in chief is feeling, economists said today.

The Standard & Poor’s 500 index hit its highest level since January 2008 today, while the Dow Jones Industrial Average and Nasdaq also saw surges after European Central Bank President Mario Draghi unveiled a new program to save the euro through the purchase of government bonds from struggling countries — a program that has no set limit on how much can be bought.

European markets also spiked in the wake of the ECB’s program announcement.

Yet Northeastern University economist Alan Clayton-Matthews said the ECB’s news would not have an impact on Europe’s real economy for “at least a couple of quarters,” making it too late to affect the U.S. economy in terms of job growth. Read More

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