Photo: jamidwyer on flickr
The market surged on better-than-expected jobs data, capping a 5% rally from Tuesday lows.But first, the scoreboard:
S&P 500: +14.4
And now, the top stories:
- Asian stocks rose on the back of yesterday’s US rally. Then European markets surged when US jobs data hit.
- The jobs report pushed futures up around 100 points at the open. Although 54K jobs were lost and unemployment increased to 9.6%, this was seen as a good report. Disappointing data from the ISM non-manufacturing index ate away half of early gains, but the rally trickled back by the close.
- Goldman Sachs announced it was shutting down a key prop trading desk. Goldman actually rallied on this news, rising to 5.5% gains for the day.
- Hurricane Earl fizzled out to a Category 1 storm, which means you’re clear to head for the beach.
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