Friday's Market Recap - A Big Risk On Session Propels Stocks Higher For Week.
What is The Premarket Telling Us?
7:00 AM.
The futures are all higher again this morning, suggesting market will have a positive opening. Dow futures are up 280 points, Nasdaq futures up 99 points, and S&P futures up 34 points. Asian markets were smartly higher overnight.
On The Bond Desk:
The US 10 Year Bond Yield at 0.63%, down 0.08%.
Currency Desk:
Euro dollar: 1.08
UK Pound: 1.23
Crude Oil:
WTI crude oil futures at $25.36/barrel, up 2.13%.
On the Earnings Calendar:
None.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets closed higher. Japan (Nikkei 225) up 2.56%, Shanghai up 0.83%, Hong Kong (Hang Seng) up 2.56%.
Major European markets alsoclosed with solid gains. German (DAX) up 1.35%, France CAC 40up 1.07%, London FTSE 100 up 1.40%
Market And Sector Dynamics
Stocks opened the trading day superbly higher, with the Dow jumping 321 points, Nasdaq gained 77 points, and the S&P rose 32 points. Crude oil is up early, WTI crude oil at $24.29/barrel, while the US 10 Year Bond holds at 0.659%.
Markets remained sharply elevated for the entire trading session, and ticked even higher into the close, despite an ugly, April unemployment report which showed minus 20 million jobs lost, and the unemployment rate soaring to 14.7%.
Today's rally was broad based and market tone was very positive. All the S&P sectors closed the session with solid gains, led by Energy, Industrials, Basic Materials, Consumer Staples, Financials, Utilities, Real Estate, Consumer Discretionary, Communication Services, and Technology.
Factors Influencing Today's Market
April Unemployment number came in at -20 million jobs, with the unemployment rate up to 14.7%.
Uptick in optimism as more States are continuing to open businesses, with some restrictons.
Asian and European markets were solidly higher.
WTI Crude oil closed today at $24.74/barrel, up 5.05%.
This week's Baker Hughes Oil Rig count fell 34 rigs to 374 total. (8th. straight week of decline).
US 10 Year Bond Yield close higher at 0.685%,up 7.10%.
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Market Close Volume Traded And Advance Decline Ratio
At the end of trading stocks were up big. The Dow gained 455.43 points, Nasdaq gained 141.66 points, and the S&P rose 48.61 points. Total NYSE volume traded, a moderate 4.90 billion shares.
Advancing shares outpaced Declining shares better than 5:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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