Friday's Market Recap - Stocks Rocket Higher, On A Perfect Employment Report.
What is The Premarket Telling Us?
7:00 AM.
US stock futures were mildly higher two and a half hours before the start of trading. Dow futures up 14 points, Nasdaq futures up 3.50 points, and S&P futures up a fraction or 0.25 point. All eyes will be on the employment number due out at 8:30 AM. Last month, markets sold off, after the release of the unemployment report, and accompanying data showing average hourly wages rose 2.90%. As a result the US 10 year bond surge close to 3% handle, and inviting fears that the Fed will have to speed up the pace of rate hikes.
Late yesterday evening, the White House announced that President Trump has accepted an invitation from North Korea's leader Kim Jun-Un, to meet, within the next two months, to discuss denuclearization of the Korean Peninsula.
On The Bond Desk:
The US 10 year bond yield at: 2.87% , unchanged.
Currency Desk:
Euro dollar at 1.23
UK Pound at 1.38
Crude Oil:
WTI crude oil futures at $60.57/barrel, up 0.47%.
On the Earnings Calendar:
None
In M&A News:
None
What About The Asian And European Markets?
Major Asian markets were up in their session. Japan (Nikkei 225) 0.47%, Shanghai up 0.57%, Hong Kong (Hang Seng) up 1.11%.
European markets ended mixed. Germany (DAX) down 0.07%, France CAC 40 up 0.39%, London FTSE 100 up 0.30%.
Market And Sector Dynamics
Stocks opened the trading day solidly higher, with the Dow surging triple digits, up 170 points, Nasdaq up 50 points, and S&P up 15 points. Crude also jumped higher, early in the session, with WTI crude at $60.91/barrel, up 1.31%. Markets responded to the solid February jobs report, indicating the economy added 313,000 new jobs, and the unemployment rate held at 4.1%. Also that key piece of data, average hourly earning, that spooked investors last month, came in 2.60%, 'sweet spot' investors had hoped for.
Stocks soared throughout the entire trading session, market tone was positive. By 1:00 PM, the Dow had climbed to 350 points, and gaining momentum. The major indices closed at the highs of the day.
The rally was broad-based. All eleven S&P sectors closed the day with healthy gains, most gaining well over 1%. All 30 Dow component stocks traded with gains in today's session.
Factors Influencing Today's Market
Solid February Employment Report was exactly what investors ordered. 313,000 new jobs, unemployment rate holds at 4.1%.
Investor believe that a meeting between the North Korean leader and President Trump could be positive.
Investor are confident that quarterly earning from corporation will continue to rise, and support the markets.
This week, Baker Hughes Oil Rig count fell 4 rigs for a total of 796.
Crude oil traded significantly higher today. WTI crude oil prices closed at $62.04/barrel, up 3.19%.
Market Close Volume Traded And Advance Decline Ratio
Markets were all significantly higher at the close. The Dow surged 440.53 points, Nasdaq rocketed 132.86 points, and S&P gained 47.60 points. Total NYSE volume traded, 3.33 billion shares. Advancing shares outpaced Declining shares by 3:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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