Stocks Post Gains After Jobs Report – CWEB.com
Stocks cruised to big gains after the February jobs report.
The Dow rose 3.3%, the S&P 500 climbed 3.5% and the Nasdaq jumped 4.2% to a record closing high, with all three benchmark indexes posting their best weekly performance in three weeks.
U.S. Treasury prices fell in reaction to the jobs report, pushing the benchmark 10-year yield 2 bps higher to 2.89% and the two-year yield up by 3 bps to 2.27%.
The uptick in yields helped boost the financial sector (+2.5%) to the top of the day’s leaderboard, followed by industrials (+2.2%), tech (+2%), materials (+1.9%) and energy (+1.9%), as 10 of the 11 S&P sectors closed higher.
U.S. WTI crude oil surged 3.2% to settle at $62.04/bbl.
Crude oil prices rebounded from yesterday’s sharp losses, with U.S. WTI +3.2% to settle at $62.04/bbl and Brent +2.4% to $65.15, amid broad market optimism over strong U.S. jobs data.
ETFS: USO, XLE, OIL, UWT, UCO, VDE, XOP, DWT, ERX, OIH, SCO, BNO, DBO, ERY, DIG, BGR, GUSH, DTO, FENY, USL, IYE, DUG, DRIP, IEO, FIF, DNO, NDP, PXE, OLO, RYE, PXJ, SZO, CRAK, FXN, OLEM, WTIU, DDG, OILK, NANR, OILX, WTID, USOI, USOU, USOD, FTXN, JHME, UBRT, ERYY, DBRT, ERGF, OILD, OILU, USAI
Technology – Top Gainers / Losers
- Gainers: (NASDAQ:SHLD), NIHD +20%. TNTR +18%. PTI +17%. HURC +14%. FSNN +13%.
- Losers: IFON -12%. YEXT -10%. UTSI -10%. OKTA -8%. FNSR -7%
Energy/Materials – Top Gainers / Losers
- Gainers: RKDA +21%. NCSM +13%. PFIE +11%. TGB +9%. PES +9%.
- Losers: SNMX -18%. AMTX -8%. CDXC -7%. CEIX -7%. AREX -6%.
Restaurant same-store sales fell 0.8% in February.
- Restaurant stocks: CAKE, CBRL, DNKN, DPZ, DRI, EAT, JACK, MCD, RRGB, SONC, WEN, BWLD, QSR, CHUY, BLMN, PZZA, TXRH, DENN, BBRG, DFRG, BOBE, RUTH, IRG, DIN, HABT, NDLS, BOJA, PBPB, FRSH, RAVE, LOCO, TACO, PZZA, KONA, BGR, BJRI, CHUY, CBRL, TAST, WING, BOJA, ZOES, FOGO, ARCO, YUM, CMG, SHAK
- February’s 313K job gain easily topped estimates for 200K. Revisions to December and January added another 54K jobs.
- That 313K figure is the most monthly job adds since the middle of 2016.The unemployment rate held steady at 4.1% vs. expectations for a decline to 4%, but that was thanks to a big jump in the participation rate (to 63% from 62.7%).The average workweek grew 0.1 hour to 34.5 hours.A modest disappointment, average hourly earnings gained just $0.04 to $26.75, bringing the Y/Y advance to 2.6%. Expectations had been for about an $0.08 monthly rise.
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