The markets moved sharply higher today on the back of the Non Farm Payrolls Report showing an increase of 216,000 jobs in March. The Unemployment Report showed a small decline to 8.8%. The markets opened higher and continued to advance most of the morning on the first day of the second quarter. Not only was the employment number positive, but the first day of the new quarter often sees new money flow moving into funds. The SPDR S&P 500 ETF (NYSE:SPY) is currently trading at $133.69, +1.10 (+0.82%). This level on the SPY is key as the markets have now retraced into a major level of resistance.
The rally today is broad based, with energy, technology, banks and transports all higher. A few leaders are Chevron Corporation (NYSE:CVX), trading at $108.46, +0.97 (+0.90%), Google Inc. (NASDAQ:GOOG), trading at $594.00, +7.24 (+1.23%) and Goldman Sachs Group, Inc. (NYSE:GS) which is trading at $161.64, +3.04 (+1.92%).
The markets are short term extended but with the Middle East, Japan and Europe quiet, the market are enjoying a more calm period. New money flow from retail investors continues to flood the markets. The Dow Jones Industrial Average hit a new 52 week high today and the S&P 500 is closing in.
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