A Big Jobs Number Means Party Time for the Bulls
Today's financial recap and tomorrow's financial outlook.
For the month of February, nonfarm payrolls came in at 236K, well ahead of the consensus expectations of 165K. Additionally, the unemployment rate of 7.7% was better than expected. These headline numbers easily outweighed the ongoing shrinkage of the labor force and a downward revision of January's job additions.
January wholesale inventories were also a positive contributor, with a 1.2% gain versus the 0.2% expected by Wall Street.
These two pieces of data complemented an upward revision in fourth-quarter Japanese GDP, which had Asian markets in positive territory early this morning.
In addition to the stock boost, the positive economic data drove weakness in bonds and mild strength in commodities.
Looking at companies, shares of Internet radio company Pandora (NYSE:P) shot up by nearly 20% after the company delivered better-than-expected fourth-quarter earnings results, while some big banks including Goldman Sachs (NYSE:GS) and JPMorgan (NYSE:JPM) fell following the results of Federal Reserve stress tests. And in M&A news, industrial company Gardner Denver (NYSE:GDI) announced it would be acquired by private equity giant Kohlberg Kravis & Roberts for $3.74 billion.
Tomorrow's Financial Outlook
On Monday, we will see earnings from Dick's Sporting Goods (NYSE:DKS), CVR Energy (NYSE:CVI), and Urban Outfitters (NASDAQ:URBN). There are no economic data reports scheduled for Monday.
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.
Daily Recap Newsletter