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Friday's US markets were focused on one thing: the April Jobs Report, which was released an hour before the market opened. Nonfarm Payrolls topped estimates by about 10% and the unemployment rate dropped a notch (more here), and that was all Mr. Market needed. The S&P 500 surged at the open, smashing through the 1600 level and rallied to its intraday high, up 1.31%, an hour later. The index then drifted through the day on a slight downward slope to its closing gain of 1.05%. The gain for the week was 2.3%.

Here is a 15-minute chart at the week.

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Despite the surge in price, volume was unremarkable, about 2% below its 50-day moving average.

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The S&P 500 is now up 13.20% for 2013.

(click to enlarge)

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For a better sense of how these declines figure into a larger historical context, here's a long-term view of secular bull and bear markets in the S&P Composite since 1871.

Source: S&P 500 Snapshot: All-Time High Above 1600