The U.S. stock market jumped on Friday to end the trading
week. The catalyst for the move higher was a strong jobs report,
which briefly sent the Dow Jones Industrial Average over 15,000
for the first time in history.
Heading into next week, the markets will be sitting at new
year-to-date highs after the S&P added a little better than 2
percent over the last 5 days.
The Dow Jones Industrial Average rose 142 points, or 0.96
percent, to 14,974.
The S&P 500 added 17 points, or 1.05 percent, to
The Nasdaq rose 38 points, or 1.14 percent, to 3,379.
Nonfarm payrolls for the month of April increased by 165,000
which was 10,000 above consensus expectations of 155,000.
Private payrolls rose by 176,000 versus consensus estimates of
166,000. In March, private payrolls rose by 154,000.
The unemployment rate ticked down as a result of job growth in
April. The figure for last month was 7.5 percent compared to 7.6
percent in March. The consensus expected unemployment to remain
Factory orders declined by 4 percent for March versus a 1.9
percent increase in February. This was worse than consensus
expectations, which expected factory orders to fall by 2.5
The ISM non-manufacturing Index fell from 54.4 in March to
53.1 in April. This was above consensus estimates, which called
for the Index to fall to 54.0.
Crude oil prices rose along with stocks on Friday. At last
check, NYMEX crude futures were trading up 1.57 percent to
$95.47. Brent crude futures had added 1.14 percent to $104.02.
Natural gas climbed around 0.77 percent and was last trading at
Precious metals also rose on Friday. COMEX gold futures were
last up around 0.06 percent to $1,468.50 while silver had added 1
percent to $24.07. Copper futures registered a huge gain of over
6.50 percent to close out the week.
Bonds were crushed on the session in the wake of a rally in
risk assets. The iShares Barclays 20+ Year Treasury Bond ETF
) fell 2.39 percent to $120.89. Yields rose sharply in the wake
of falling prices.
The yield on the 2-Year Note climbed two basis points to 0.22
percent. The yield on the 5-Year Note rose eight basis points to
0.73 percent and the 10-Year Note yield jumped eleven basis
points to 1.74 percent. The 30-Year Bond yield moved up fourteen
basis points to 2.96 percent.
The U.S. dollar was essentially unchanged to close out the
week. The PowerShares DB US Dollar Index Bullish ETF (NYSE:
), which tracks the performance of the greenback versus a basket
of foreign currencies, closed down 0.04 percent to $22.32.
The closely watched EUR/USD pair was last up 0.40 percent to
$1.3109. Other movers on the day included the USD/JPY, which rose
1.10 percent, and the AUD/USD, which added 0.56 percent.
Volume and Volatility
The VIX continued its decline on Friday, notching a loss of
around 5.50 percent to 12.84.
Volume was slightly above average as the market rallied.
Around 130 million SPDR S&P 500 ETF (NYSE:
) shares traded hands compared to a 3-month daily average of 128
Regeneron Pharmaceuticals (NASDAQ:
) jumped 7 percent on Friday after the company's fiscal
first-quarter earnings results.
Charles Schwab (NYSE:
) climbed more than 6 percent as investors pushed the stock
higher amid optimism about the economy.
Gilead Sciences (NASDAQ:
) climbed almost 6 percent despite reporting less than stellar
first-quarter financial results.
Kraft Foods (NASDAQ:
) climbed 5 percent in the wake of that company's quarterly
) was the leading Dow stock on the session, adding better than 3
Procera Networks (NASDAQ:
) jumped 27 percent after the company raised its forward-looking
) surged 19 percent after the company released its first-quarter
) lost 13 percent in the wake of the company's Q1 earnings
Arena Pharmaceuticals (NASDAQ:
) lost 9 percent after its Q1 report.
(c) 2013 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
Profit with More New & Research
. Gain access to a streaming platform with all the information
you need to invest better today.
Click here to start your 14 Day Trial of Benzinga