"Quite simply, today was all about jobs," summarized Schaeffer's Senior Equity Analyst Joe Bell, CMT. "From the time this data was released, the market took off and never looked back." Indeed, the Dow Jones Industrial Average (DJI) spiked higher out of this gate and maintained a triple-digit gain for the majority of the session, ultimately closing shy of its new all-time peak (and the 15,000 level).
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The bulls held the reins into the weekend, sending the Dow Jones Industrial Average (DJI) up 142 points, or 1%, to 14,973.96. In intraday trading, the Dow crossed the 15,000 level for the first time on record, and tagged a new all-time high of 15,009.59. Of the Dow's 30 members, 25 were higher on the day, paced by Caterpillar (NYSE:CAT), which added 3.2%. Bringing up the rear were JPMorgan Chase (NYSE:JPM) and Pfizer (PFE), both down 1.1%. For the week, the Dow added 1.8%.
The S&P 500 Index (SPX) also overcame a millennium level, topping 1,600 on its way to a new all-time high of 1,618.46. At the close, the SPX was up 16.8 points, or 1.1%, at 1,614.42. Not to be outdone, the Nasdaq Composite (COMP) rallied to another 12-year high of 3,388.12 before closing up 38 points, or 1.1%, at 3,378.63. On a weekly basis, the SPX and COMP were up 2% and 3%, respectively.
The CBOE Market Volatility Index (VIX) moved further into the red, dropping 0.7 point, or 5.5%, to end the day at 12.85, its first close below 13 since April 12. The VIX lost 5.4% on the week.
A Trader's Take:
"The April nonfarm payrolls number surpassed expectations, and there were also positive revisions to March and February," noted Bell. "The market surged to new highs, and the Dow crossed the round-number 15,000 mark for the first time ever. Although the index wasn't able to finish above this threshold, it was very encouraging to see almost all of the major sectors participate in today's rally."
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