Broad Rally For Equities as Investors Cross Fingers Ahead of Jobs Report

Michael Teague  |

Stocks rallied bravely ahead of the Department of Labor’s nonfarm payroll report due out on Friday, as Wall Street saw an encouraging sign in the weekly report released in early trading that indicated initial jobless claims were lower by 20,000 throughout the period ended Feb 1.

While the final tally for claims last week was only 4,000 shy of the forecasted 335,000, a recent slew of worrisome economic data has kept investors on edge, and in need of every available inch of breathing room.

The Final Tally:

●     Standard & Poor’s 500: +1.24 percent to 1,773.43

●     Dow Jones Industrial Average: +1.22 percent to 15,628.53

●     Nasdaq: +1.14 percent to 4,057.12

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On the S&P:

Financial stocks made a strong showing on the benchmark Standard & Poor’s 500, with Bank of America (BAC) up 1.77 percent on the day’s largest volume. Citigroup (C) , Wells Fargo & Company (WFC) , and JPMorgan Chase & Co. (JPM) were also substantially higher by the closing bell. The US’s largest natural gas producer, Chesapeake Energy Corporation ($CHK), on the other hand, shed nearly 7 percent as investors reacted to anemic production output during the fourth-quarter, despite the company’s 20 percent reduction of capital spending during the period.

It was another great day for Walt Disney Co. (DIS) on the Dow, as the company closed over 5 percent higher after the earnings statement it released for its fiscal first-quarter revealed an 8 percent increase in sales on a year-over-year basis. Only three of the index’s components managed to dip a toe into the red on the day.

On the Nasdaq:

Green Mountain Coffee Roasters (GMCR) was one of the Nasdaq’s more spectacular performances in the day’s session. The company’s stock added 26.25 percent after announcing a deal with Coca-Cola (KO) to make a countertop device designed to challenge that of upstart rival SodaStream International (SODA) . Game-making company Glu Mobile (GLUU) was up nearly 28 percent after an earnings statement that far surpassed expectations that the company would break even.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not necessarily represent the views of Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to:


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