This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Stocks Surge In Early Trading After Hiring Climbs

They've had reasons to pull back lately.

First came news of falling retail sales in March, then a series of weak manufacturing reports and signs of an economic slowdown in China.

Other reports, including two out Friday, have pointed to a slowdown. Factory orders sank in March and a gauge of growth in the service sector fell short of estimates.

First-quarter earnings have been mixed, too. Though they've come in higher than expected, many companies have reported little or no revenue growth, which has spooked investors.

Investors have also been concerned that higher Social Security payroll taxes and sweeping government spending cuts that took effect earlier this year will slow U.S. economic growth, and pinch corporate profits.

Friday's jobs numbers suggested the private sector might be strong enough to overcome those obstacles.

In its report, the government revised its previous estimate of job gains up to 332,000 in February and 138,000 in March. The economy has created an average of 208,000 jobs a month from November through April â¿¿ above the 138,000 added in the previous six months.

"Jobs are key," said Randall Warren, chief investment officer of Warren Financial Service in Exton, Penn. "Everyone is worried about things like fiscal policy, the government spending money it doesn't have. If you want to turn that situation around, you have to get people off their couches."

On Friday, on market's gains were broad. Eight of the 10 industry groups in the S&P 500 index rose. Nearly three stocks rose for every one that fell on the NYSE.

Companies that stand to benefit most from an upturn in the economy led the market. Those that make basic materials and produce oil and gas rose the most in the S&P 500 index.

U.S. Steel rose $1.08, or 6.3 percent, to $18.14. General Electric rose 25 cents, or 1.1 percent, to $22.57. Dow Chemical rose 84 cents, or 2.5 percent, to $33.96.

2 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,232.02 -53.72 -0.29%
S&P 500 2,126.06 -4.76 -0.22%
NASDAQ 5,089.3620 -1.4320 -0.03%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs