The Bureau of Labor Statistics said that 175,000 jobs were created in February, which exceeded the 149,000 consensus. Both January and December's figures were revised up.
This was a reversal from the past two months, which saw significant weakness relative to expectations. Some investors used the good news to take profits, with the S&P reversing lower before finishing flat at 1878.04.
Stocks had risen 2.3% off Monday's Ukraine-driven panic low at 1833.44, indicating that equity bulls came in a bit overconfident.
Taking a deeper look at stocks, the market-leading biotech sector took a significant breather. The iShares NASDAQ Biotechnology Index ETF (NASDAQ:IBB) fell 0.7%. There was also weakness in other "risk-on" sectors, with social media, housing, and 3-D printing all struggling.
But there was at least one bright spot as we saw extremely bullish action in the speculative fuel cell sector.
Shares of fuel cell play Plug Power (NASDAQ:PLUG) rose 30% after the company's CEO made a well-received appearance on CNBC. Plug was up a total of 74.9% for the week on news of a deal with Wal-Mart (NYSE:WMT).
And FuelCell Energy (NASDAQ:FCEL) rallied an impressive 18.1% due to a $2.8 million award from the US Department of Energy's Advanced Manufacturing Office.
Ballard Power (NASDAQ:BLDP), another popular name in the space, creeped up 3.9%.
Elsewhere in the market, the 10-Year US Treasury yield rose 1.9 bps to 2.79%, and oil was up, while precious metals sold off.
Tomorrow's Financial Outlook
There are no US economic reports scheduled for Monday, and just two notable earnings reports on tap -- Urban Outfitters (NASDAQ:URBN) and the aforementioned FuelCell Energy.
Geopolitics will remain at the forefront of investors' minds given the crisis in Ukraine, so any major news out of the region could sway stocks and bonds.
Follow the markets all day every day with a FREE 14 day trial to Buzz & Banter. Over 30 professional traders share their ideas in real-time. Learn more.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.