Markets Rally on Jobs Report, Oil and Patient Fed
Stocks recovered a good deal of ground after a multi-day beat down as crude oil prices saw gains and the Fed notes indicated some patience with the approach to raising rates. Stocks got another boost from a positive ADP jobs report which showed the economy added 241,000 jobs in December beating economist estimates of 226,000.
Market Radar - % Change
Nymex crude snapped a four day slide gaining 1.5% to settle at $48.65 per barrel up $0.72. Gold prices slipped shedding $8.7 to settle at $1,210.7 per ounce down 0.71%
The Dow Jones Industrial average, which had fallen for the past two sessions, jumped 1.23% to close at 17,584.52 up 212.88 points. The S&P 500 snapped a five session losing streak climbing 1.16% to close at 2,025.90 up 23.29 points.
The NASDAQ Composite rose 57.73 points or 1.26% to close at 4,650.47 while the tech heavy NASDAQ 100 gained 14.66 points or 1.26% to end the day at 4,160.
The Small cap Russell 2000 climbed 1.26% to 1,176.96 up 14.66 points while the FOX50 closed the day at 1,416.12 gaining 13.78 points or 0.98%