obama high five chrylser detroit factory workerU.S. President Barack Obama high-fives an employee of the Daimler Detroit Diesel plant following remarks and a tour in Redford, Michigan, December 10, 2012.

It was jobs day in America, and America crushed expectations.

First, the scoreboard:

  • Dow: 15,103.2, +114.7, +0.7%
  • S&P 500: 1,627.5, +12.1, +0.7%
  • NASDAQ: 3,470.2, +26.5, +0.7%

And now, the top stories:

  • The June jobs report offered tons of great news. We learned that U.S. companies added 195,000 new payrolls in June, which was much stronger than the 165,000 expected by economists. This was driven by private payroll, which jumped by 202,000, well ahead of the expectation for 175,000. The unemployment rate was unchanged at 7.6%
  • In addition to the great headline numbers, the underlying details were also quite strong.  The size of the labour force grew, average weekly hours rose, wages climbed, construction payrolls jumped despite surging mortgage rates, and retail payrolls expanding confirming strength on main street.  The State Of American Jobs In 22 Charts »
  • UBS’s Drew Matus noticed a dynamic that could be a precursor to some inflation: “It’s interesting, though, that average hourly earnings growth has actually accelerated even as hiring has shifted toward lower-wage industries and implies perhaps a bit more wage pressure and a bit less slack in the labour market than the Fed is anticipating.”
  • The bond market tanked on the report, sending the 10-year U.S. Treasury note yield to as high as 2.7% for the first time since August 2011.
  • Not everyone in the stock market were winners.  Homebuilder stocks got demolished, perhaps on fears that higher Treasury rates would mean higher mortgage rates, which could in turn put pressure on the housing market.
  • Gold prices tumbled, bringing the gold mining stocks with it.
  • Don’t Miss: GOLDMAN: Here Are The 10 Most Overpriced Stocks In The Market »

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