Stocks jumped on Friday to reverse a goodly portion of the losses sustained throughout the week, as the Department of Labor’s monthly revision of the unemployment rate showed the figure shedding 0.3 percent to 7 percent, the lowest level since November of 2008.
While the correlation between asset prices and positive economic data has been nothing short of an esoteric puzzle throughout 2013, Friday’s price movement saw investor bullishness on the jobs report eclipsing the week’s taper hysteria. The Standard & Poor’s 500 index jumped 1.12 percent to 1,805.09, while the Dow was up an impressive 1.26 percent to end at 16,020.20 points, and the NASDAQ was up a slightly more modest 0.73 percent to 4,062.52 points.
On the Dow, all components ended the day in the positive with the exception of Visa Inc.’s (V) shares, down 0.05 percent. Meanwhile, Intel Corporation (INTC) led the index up on a gain of 2.23 percent, followed closely by Boeing (BA) , up 2.16 percent.
Apparel retailer American Eagle Outfitters (AEO) dropped nearly 10 percent after releasing a dismal earnings statement for the recently-ended period. Despite overall gains on the S&P, retail stocks were still heading lower, with J.C. Penney (JCP) losing another 8.7 percent, followed by Gap Inc. ($GAP) and Abercrombie & Fitch Co. (ANF) .
Among the S&P’s most heavily traded gainers were AT&T (T) . For more coverage on the telecommunications space, Equities.com’s newest contributor Jeff Kagan explores the various facets and ramifications of the wireless spectrum crisis that could be coming by next year.
Intel’s jump on the day brought with it other stocks connected to the PC/hardware market, including Cisco Systems (CSCO) , Plug Power Inc. (PLUG) , Microsoft Corporation (MSFT) , and Micron Technology (MU) , who all ended the day higher on heavy trading.
With gold futures down another 0.4 percent by the closing bell, now might be a good time to take a peek into the Market Vectors Gold Mining ETF ($GDX), which readers can do thanks to the efforts of Equities.com senior editor Joel Anderson.
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