- Stocks rallied for a second straight day, shrugging off a disappointing nonfarm payrolls report as "bad, but not that bad."
- The rally erased Monday's big drop and pushed all three leading indexes into positive territory for the week; small caps have not enjoyed an equally robust rebound, as the Russell 2000 remains 1.3% lower for the week.
- Mitigating the weak headline job growth number were a lower unemployment rate and a slight rise in the labor participation rate; the report also showed increased employment in construction, and a decline in government work.
- Sentiment is enjoying a boost from earnings results, which show S&P 500 companies are on track to print average EPS gains of 9%-10%.
- A rebound in the dollar/yen pair trade again occurred in conjunction with the rebound in futures and continued into the session.
- The growth acceleration view didn't resonate as much in the fixed income market, where Treasury prices rose, sending the 10-year yield falling 2 bps to 2.681%.
Stocks rally to end bumpy week on an upbeat note
Feb 7 2014, 16:20 ET