Here are today’s market moves:
S&P 500 up 1.95% to 3,841.94
Dow Jones up 1.85% to 31,496.30
Nasdaq up 1.55% to 12,920.15
Gold: $1,700
Bitcoin: $49,295
US10Y: 1.575%
What Happened?
Stock indexes were up today after a positive February employment report showed the economy added more jobs than expected.
According to the February employment report, the economy added 379,000 new jobs last month, ahead of estimates of 210,000.
The unemployment rate was 6.2%, lower than the 6.3% expected by analysts.
The S&P 500 managed to finish the week up 0.81%, while the Nasdaq finished the week down 2.1% – its third straight week of decline.
Investors have been reassessing their positions lately as bond yields rise and the economy starts to reopen. Some are also concerned about an overheated stock market and are starting to take a risk-off approach.
Tech stocks have lost $1.6 trillion in market value in the past several weeks. Tesla shares are down 33% from their peak in late January.
What Else?
This Week
Monday: Earnings expected from Zoom, Nio, Workhorse, and Novavax.
Tuesday: Earnings expected from Target, Lemonade, Nordstrom, Ross, and Kohl's.
Wednesday: Earnings expected from Snowflake and Wendy's.
Thursday: Earnings expected from Costco; Weekly jobless claims.
Friday: Earnings expected from Big Lots.