Stocks surged after the Labor Department reported the addition of 243,000 jobs in January, the largest jump in nine months. The unemployment rate fell to 8.3%, the lowest since February 2009. Other U.S. data also supported the view of economic expansion, particularly in manufacturing. Tech stocks rallied with the broader market, but enthusiasm was muted late in the day following the announcement that Micron Technology CEO Steve Appleton died in a plane crash. Also, Zynga rose 8%, benefitting from its business role with Facebook in the wake of Facebook filing for a $5 billion initial public stock offering.This week investors will shift their attention back to the financial crisis in Europe, and negotiations over the conditions for bailing out Greece. Also, number of bellwethers, including Cisco, Disney, Coca-Cola and Visa, are expected to report quarterly results. Implied volatility inched lower on huge trading volumes.
Monday, February 6, 2012
Surged on strong jobs and manufacturing data
Stocks surged after the Labor Department reported the addition of 243,000 jobs in January, the largest jump in nine months. The unemployment rate fell to 8.3%, the lowest since February 2009. Other U.S. data also supported the view of economic expansion, particularly in manufacturing. Tech stocks rallied with the broader market, but enthusiasm was muted late in the day following the announcement that Micron Technology CEO Steve Appleton died in a plane crash. Also, Zynga rose 8%, benefitting from its business role with Facebook in the wake of Facebook filing for a $5 billion initial public stock offering.This week investors will shift their attention back to the financial crisis in Europe, and negotiations over the conditions for bailing out Greece. Also, number of bellwethers, including Cisco, Disney, Coca-Cola and Visa, are expected to report quarterly results. Implied volatility inched lower on huge trading volumes.
