that nonfarm payrolls jumped by 379,000 for the month and the unemployment rate fell to 6.2%. That compared to expectations of 210,000 new jobs and the jobless rate to hold steady from the 6.3% rate in January, according to Dow Jones.
Stocks that would benefit from a rapid economic comeback jumped in the wake of the jobs report. The S&P 500 energy sector popped 3.9%, posting its best day since November. Occidental Petroleum jumped 4.5%, while Devon Energy rallied 8.4%. Financials and materials rose more than 2% each. "Today's employment report confirmed an economy poised for a broader reopening," said Gregory Faranello, head of U.S. rates trading at AmeriVet Securities. "The quick selloff in US 10-year rates following today's employment report was met with good buying around the 1.60% level, lending support to equity and credit markets throughout the day."
Still, the spike in interest rates fueled fears that growth-oriented tech companies, which had led the market rally last year, may have a hard time living up to expectations if borrowing costs jump. Tesla tumbled more than 4%, bringing its weekly losses to 12%. Pandemic winners Peloton and Zoom Video have slid 19% and 14%, respectively, this week.
Friday's moves followed a steep sell-off on Thursday triggered by Federal Reserve Chair Jerome Powell's remarks on rising bond yields. The Fed chair said the recent runup caught his attention but he didn't give any indication of how the central bank would rein it in. Some investors had expected Powell to signal his willingness to adjust the Fed's asset purchase program.," Powell said in a Wall Street Journal webinar Thursday.
$CUM $ASS CHINA
'the Chinese?'----- really?
Growth to Value
Whoo!! Going Shirt-Less!! 👍😁👍 How About Momentum Trades And Wrong Calls On Dips
Bunch of losers forced to exercise their calls and buy the stock after losing their shirt. Next week should be fun.