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.
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