Daily Market Recap
The major averages trended higher all day today after the May nonfarm payroll data came in prior to the open. The actual figure of 175,000 new jobs was viewed as a “just right” number relative to expectations. The consensus estimate was 159,000. The actual number was not so high that QE would be halted and strong enough so that growth estimates would not have to be cut.
The S&P 500 rose 1.28% and the Dow was higher by 1.38%. Industrials roared higher as growth appears to be strengthening. The Industrial sector climbed by 1.88%. Strength was across the board. Late stage and early stage cyclicals saw strong buying throughout the day. The transports sold off sharply early in the week and fell below their 50 day moving average. The transports rose by 2.37%. Rails were particularly strong. Aerospace and defense stocks were also in favor today.
Discretionary stocks spiked by 1.9%. Retail was particularly strong. Gap Stores moved higher by more than 2.5% as same store sales gains came in at 8%. Starbucks and casual dining restaurants were also strong.
The better than expected jobs numbers led to a sharp selloff in the metals complex. Gold fell by more than 2%. Silver was off even more as the risk on trade was in favor.
The financial sector rose by 1.7%. Brokers and investment banks were stars today. Morgan Stanley rose by more than 6% and Goldman Sachs was up better than 3%. Discount broker Charles Schwab increased by more than 3% also.
Source: PFS Group
About PFS Group
PFS Group Archive
|12/17/2013||Daily Market Recap||story|
|12/16/2013||Daily Market Recap||story|
|12/12/2013||Market Weakens Further on Taper Fears||story|
|12/09/2013||Daily Market Recap||story|
|12/06/2013||Daily Market Recap||story|
|11/26/2013||Daily Market Recap||story|
|11/19/2013||Daily Market Recap||story|
|11/18/2013||Daily Market Recap||story|
|11/14/2013||Daily Market Recap||story|
|11/13/2013||Daily Market Recap||story|