Stocks rally, shrugging off strong jobs report and Fed taper talk

The Dow climbed to a new record and the S&P bounced back from yesterday's big loss following the better than expected jobs report, as traders shrugged off the risk the Fed may start tapering its bond-buying program as soon as next month.

"You're returning from the market being keyed on tapering to more fundamental support... in equities at least," says Legg Mason's chief strategist.

Some worrying signs showed improvement: Financial shares, which had been lagging, jumped 2.1%, the biggest gain among the S&P's 10 sectors, and the Russell 2000 added 1.9%, turning positive for the week.

Bond investors, however, began to price in nearer-term expectations for the Fed; Treasury yields rose by the most in four months, with the 10-year yield rising 14.5 bps to 2.750%.

Comments (2)
  • al roman
    , contributor
    Comments (16949) | Send Message
    TWTR is holding up,clean up some - and the foundation's of momo's did shake.
    9 Nov 2013, 05:03 AM Reply Like
  • al roman
    , contributor
    Comments (16949) | Send Message
    De Blasio Mayer,where i been ?
    9 Nov 2013, 05:58 AM Reply Like
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