Stocks Soar Past All-Time Highs After Bad Jobs Report

Stocks are quickly heading higher following a lackluster jobs report and slightly better-than-expected construction spending and east-coast manufacturing data this morning.

The U.S. economy only added 148,000 nonfarm payrolls in September, below the consensus Wall Street forecast for 180,000.

Construction spending rose 0.6% in August (0.4% expected), while the Richmond Fed Manufacturing Index unexpectedly rose to 1 (0 expected).

The S&P 500 is trading at a new all-time high 1759, up 0.8% from yesterday’s close.

Gold is 1.6% higher, trading near $US1337 an ounce, while 10-year U.S. Treasury futures are 0.5% higher (the yield on the 10-year note is 8 basis points lower at 2.52%).

The chart below shows the move in S&P 500 futures today.

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