Stocks Rally on Jobs Report
Stocks surged in trading today, snapping a four-day losing streak, as investors cheered better than expected jobs report for the month of July.
According to the figures released by the Labor Department today, the U.S. economy added 163,000 jobs in the month of July. However, the unemployment rate rose from 8.2% to 8.3% in July.
The Dow Jones ended the day 1.69% higher at 13,096.17, the S&P 500 ended the day 1.90% higher at 1,390.99, and the Nasdaq ended the day 2% higher at 2,967.90.
All sectors in the S&P 500 ended sharply higher in trading today. Consumer Cyclical sector led the gains in the S&P 500 today, ending the day 3.15% higher. Conglomerates ended the day 3.09% higher. Industrials also rose sharply in trading today, ending the day 2.29% higher. Basic Materials sector rose 2.07% today. Energy sector ended the day 2.46% higher.
Among the major gainers in trading today were Mercadolibre Inc. (NASDAQ: MELI), which ended the day 24.29% higher at $82.68, OpenTable Inc. (NASDAQ: OPEN), which ended the day 15.81% higher at $39.55, LinkedIn Corporation (NYSE: LNKD), which ended the day 16.04% higher at $108.51, Skullcandy Inc. (NASDAQ: SKUL), which ended the day 5.92% higher at $14.67, and Thor Industries Inc. (NYSE: THO), which ended the day 13.74% higher at $30.96.
Among the major losers in trading today were Molycorp Inc. (NYSE: MCP), which ended the day 28.50% lower at $11.49, and Zipcar Inc. (NASDAQ: ZIP), which ended the day 36.50% lower at $6.75.
European markets ended sharply higher in trading today, with the FTSE 100 Index in London ending the day 2.21% higher, and the CAC 40 Index in Paris ending the day 4.38% higher. Earlier, Asian markets ended mostly lower, with the Nikkei 225 Index in Japan ending the day 1.13% lower, and the Hang Seng Index in Hong Kong ending the day 0.12% lower.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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