U.S. Stocks SURGE–Dow Up More Than 300

U.S. stocks were higher Friday as fresh jobs data signaled that the economy was still recovering.

The Dow Jones Industrial Average traded up 306 points to 36,430 by midday Friday with the S&P 500 gaining 0.67%, or 31 points, to 4711. The tech heavy Nasdaq Composite Index jumped 0.56%, or 90 points, to 16,030.

Jobs data for October beat expectations. Non-farm payrolls grew by 531,000.

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The unemployment rate fell to 4.6%.

Consensus estimates had been at 450,000 payrolls and 4.7% unemployment respectively.

The strong jobs report will help alleviate some concerns over the Fed’s taper announcement.

As the economy recovers, investors expect that the markets will be able to endure a slowdown in monetary stimulus.

U.S. Dollar and Treasuries

The yield on the 10-year Treasury fell five basis points. The dollar strengthened against a basket of major currencies.

Price Chg. Chg. %
U.S. Dollar Index (DXY): 94.52 +0.17 +0.18%

 

Yield Change Previous close
U.S. 1 Year Treasury Bill 0.150% -0.028 0.178%
U.S. 5 Year Treasury Note 1.128% -0.062 1.190%
U.S. 10 Year Treasury Note 1.530% -0.054 1.584%

 

Stocks To Watch

Shares of Pfizer surged in Friday trading after a study showed that its experimental Covid pill reduced the risk of hospitalization and death by almost 90%. The company will ask for regulatory approval as soon as possible.

Sports betting company Draft Kings stock dropped in after a miss on earnings and revenue.

Fitness equipment manufacturer Peloton plunged more than 30% after the company reduced its full-year sale forecast to $1 billion. As the economy is reopening, fewer people are buying bikes and treadmills. The company reported a larger than expected quarterly loss.

Airline companies surged in premarket trading, as the U.S. reopens travel for fully vaccinated foreign visitors. American Airlines announced delaying its employee vaccine mandates until 2022 after Joe Biden postponed the deadline for federal contractors.

Moderna posted further losses in trading after Wednesday’s quarterly miss on earnings and revenue.

PFE Pfizer Inc. $47.42 +8.13%
DKNG DraftKings Inc. Cl A $44.24.65 -0.85%
PTON Peloton Interactive Inc. $57.52 -33.13%
AAL American Airlines Group Inc. $21.86 +4.44%
MRNA Moderna Inc. $23.06 -21.52%

 

Commodities To Watch

Oil rose OPEC again defied the U.S. calls for increased output. Gold was stable. 

Resource Price Chg. %
WTI Crude Oil $80.88 2.63%
Brent Crude Oil $82.24 2.11%
Natural Gas $5.725 -1.80%
Gold $1,803.60 +0.57%
Silver $24.040 +0.52%
Copper $4.34 +0.47%

 

Crypto

The crypto market cap is $2.72T, a 0.16% increase over the last 24 hours. Bitcoin’s dominance is currently 42.72%, a decrease of 0.15% in the same period.

Currency Symbol Price Chg. % Market Cap.
Bitcoin BTC $61,529.29 -0.53% 1.16t
Etherium ETH $4,495.09 -0.80% 529.61b
Cardano ADA $1.99 -1.63% 61.78b
Ripple XRP $1.16 -3.25% 51.27b
Dogecoin DOGE $0.2620 -0.73% 34.58b
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