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Transcripts For CNNW CNN Newsroom 20110811

up right now, and that s a good sign considering we re more than halfway through the trading day. you are seeing stocks rally on good economic news of the jobless claims numbers fell last week and we got strong corporate earnings from a bellwether company, cisco system, and you are seeing wall street focus on the positive today and we are seeing the bargain hunting going on as well, and you are seeing the bargain hunters getting in there and buying stocks up, randi. and the trader mthere with you, allen valdez. what about the first time they dropped below 4,000 for the first time in four weeks, and how much do you think that contributed to the rally we are seeing today? well, under 400,000 you know, that jobs number is probably the most important number for traders. it really is. we watch that number on a weekly basis. and this economy is powered by consumer spending, so if the consumer is not working he is not spending. anything under 400,000, they re not spending. l

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