Bulls Awaken, Employment Improves, Credit Strong

  • March 5, 2010
  • David Goodboy

A surprise improvement in the Nonfarm Payrolls figure ignited the bullish surge today. Optimistic investors spurred on by the improved employment situation and strong numbers from consumer credit went on an end of the week buying spree. The DJIA surged +122.06 to 10566.20, the tech heavy Nasdaq advanced +34.04 to 2326.35 and the broad based S&P 500 climbed +15.72 to 1138.69.

^MWW^: Rode the positive employment news higher by 3.84% or 58 cents to $15.68/share with the other recruitment companies.

^AAPL^: Climbed 3.91% or $8.24 to $218.95/share after revealing it will start selling the iPad in the U.S. on April 3rd.

^TIVO^: Advanced 5.87% or 97 cents to $17.50/share on a JP Morgan upgrade to “overweight”.

^ITMN^: Surged 59.34% or $8.67 to $23.28/share after its new drug was favorably reviewed by regulators.

Oil moved higher by $1.57 to $81.78, gold gained by $4.40 to $1138.00 and the VIX index collapsed another 6.94% to 17.42.

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Market Snapshot

Dow

 +122.06 10,566.20

NASDAQ

 +34.04 2,326.35

S&P 500

 +15.72 1,138.69
Economic
News

Personal Income (Jan): Consensus: 0.4%, Prior: 0.3%

Personal Spending (Jan): Consensus: 0.4%, Prior: 0.3%

PCE Prices – Core (Jan): Consensus: 0.0%, Prior: 0.1%

Construction Spending (Jan): Consensus: -0.6%, Prior: -1.2%

ISM Index (Feb): Consensus: 58.0, Prior: 58.4

Auto Sales (Feb): Consensus: NA, Prior: 3.8M

Truck Sales (Feb): Consensus: NA, Prior: 4.4M

Challenger Job Cuts YoY (Feb): Consensus: NA, Prior: -70.4%

ADP Employment Change (Feb): Consensus: -10K, Prior: -22K

ISM Services (Feb): Consensus: 51.0, Prior: 50.5

Crude Inventories (02/26): Consensus: NA, Prior: 3.03M

Fed’s Beige Book (Mar): Consensus: NA, Prior: NA

Initial Claims (02/27): Consensus: 475K, Prior: 495K

Continuing Claims (02/20): Consensus: NA, Prior: 4617K

Productivity-Rev. (Q4): Consensus: 6.2%, Prior: 6.2%

Unit labor Costs (Q4): Consensus: -4.4%, Prior: -4.4%

Factory Orders (Jan): Consensus: 1.2%, Prior: 1.0%

Pending Home Sales (Jan): Consensus: 1.7%, Prior: 1.0%

Unemployment Rate (Feb): Consensus: 9.8%, Prior: 9.7%

Nonfarm Payrolls (Feb): Consensus: -20K, Prior: -20K

Hourly Earnings. (Feb): Consensus: 0.2%, Prior: 0.2%

Average Workweek (Feb): Consensus: 33.7, Prior: 33.9

Consumer Credit (Jan): Consensus: -$3.8B, Prior: -$1.7B