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So what happened to those taper fears? Stocks surge on jobs report

  • Good news is good news, for a change, as the better than expected U.S. jobs report left investors feeling better about the economy and more comfortable with a potential pullback in the Fed's stimulus efforts.
  • The Dow and S&P 500 both snapped five-day losing streaks, with the Dow rallying nearly 200 points to clear 16K and the S&P rising 20 to finish above 1800; the Nasdaq's gains were a bit lower but it was the only major index to post a gain for the week.
  • A five-month high in consumer confidence also helped, as the reading offers positive implications on the potential for a better Christmas than expected a few weeks ago.
  • Industrials and consumer staples led gains that extended to all 10 of the S&P's major industry groups.
  • Treasury bonds were volatile, with the benchmark 10-year note's yield rising to 2.932%, its highest level in nearly three months, before dipping as low as 2.839%, suggesting that bond investors are still split on how the jobs data might affect Fed policy.
Comments (2)
  • SoldHigh
    , contributor
    Comments (997) | Send Message
     
    It is the best of times; it is the worst of times.

     

    For those with good jobs, the low interest rates are great as their home payments have been refinanced with cheap money and their investments have rallied.

     

    For the unemployed, the interest rates are meaningless as the economically-illiterate Liar-in-Chief continues to campaign toward addition regulations that diminish their hope for a decent future even more.
    6 Dec 2013, 07:22 PM Reply Like
  • Mattster
    , contributor
    Comments (162) | Send Message
     
    Ben deserves a pat on the back here especially considering all the abuse he takes from people who are plain wrong. Good job.
    6 Dec 2013, 07:33 PM Reply Like
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