Nonfarm payrolls fell 598,000 in January versus the estimate of a 540,000 decline. December was revised from -524,000 to -577,000, and November was revised from -584,000 to -597,000. The unemployment rate rose to 7.6% from 7.2% in December, versus the forecast of 7.5%. Average hourly earnings rose 0.3%, above the 0.2% forecast.
The Dow Jones Industrial Average gained 218 points (2.7%) to close at 8,281, the S&P 500 Index rose 23 points (2.7%) to 869, and the Nasdaq Composite increased 45 points (2.9%) to 1,592. Crude oil fell $1.67 to $39.50 per barrel, and gold fell $3.33 to $911.22 per ounce. For the week, the DJIA rose 3.7%, the S&P 500 Index gained 5.3%, and the Nasdaq Composite increased 7.9%.
Magnificent Seven Update
Daily Update Of Open Positions...Stocks & ETFs
