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

|By:, SA News Editor

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.