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The markets had a strong day off solid job numbers in the morning. The Dow Jones Industrial Average rose 91.70 points (+0.66%), Standard & Poor's 500 index increased 14.75 points (+0.96%) to an all-time high, and the Nasdaq jumped 46.75 (1.71%). Volume came in at 1.26 billion shares, and advancers beat decliners by a ratio of about 3:1.

The Labor Department reported 110,000 jobs were added to payrolls in September beating estimates of 100,000. The real attention grabber in the report was the August payroll revision to positive 89,000 from negative 4,000 (full story). Though it seems like a while ago, it has only been a month since that number struck fear in investors and caused a nearly 250 point drop in the Dow. The US 10-year Treasury dropped 1-2/32 in price, pulling up yields to 4.65%.

The consumer discretionary (+1.8%) and materials (+1.8%) sectors outperformed today, while Telecom was the only sector to finish down. Washington Mutual (+2.2%) and Merrill Lynch (+2.5%) were up after investors digested both companies' warnings about third-quarter profits (full Merrill and Wamu stories). Research in Motion (+12.7%) ran up after reporting earnings that met estimates and upping its outlook for the current quarter late Thursday. The dollar index could not sustain an initial rally and finished down 0.2%, and crude gave up $0.11 to finish at $81.22/barrel.

There is no economic data scheduled for Monday, as it is an official US holiday. Friday's job report combined with the Fed move seems to me like the best case scenario if I were to look at the market a month ago. Look for this current positive trend to last through the end of the year.

Sources: TheStreet.com, Yahoo Finance
Commentary: Strong Payrolls Number: Good Sign For U.S. EquitiesIts Non-Farm Payroll Day!
Stocks/ETFs to watch: MER, WM, RIMM

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Source: Friday Wrap – Dow +0.66%, S&P +0.96%, NQ +1.71%