The major stock market indexes gained strength in afternoon trading, but off the highs of the day. Stocks reclaimed some of the losses it gave back from the morning, in volatile trading following the stronger-than-anticipated jobs data.
The S&P 500 rose 1.4%, while the Nasdaq composite added 1.3% The Dow Jones Industrial Average also added 1.3%, up 402 points. The Russell 2000 small-cap index rose 1.4%.
The tech-heavy Nasdaq 100-tracking Invesco QQQ Trust ETF gained 1.6%.
Volume on the NYSE and Nasdaq was higher vs. the same time on Thursday.
Crude oil rose 5.1% to $92.64 per barrel. The Energy Select Sector SPDR ETF edged up 1.3%. Natural gas climbed 7.9% and is above $6 per million British thermal units. The 10-year Treasury note rose 11 basis points to 4.17%. Bitcoin climbed 4.3% to $21,170.
European markets were all positive, with the German DAX stock index up 2.5%, the London FTSE 100 up 2% and the Paris CAC 40 2.8% higher to close out the trading week.
Odds for a 50-basis-point hike at the December Fed meeting are now 61.5%, while 38.5% look for a 75-basis-point hike, according to the CME FedWatch Tool.
Jobs Report Sees Higher Payrolls And Unemployment
October nonfarm payrolls rose 261,000 vs. the 210,000 consensus expected. The unemployment rate rose to 3.7% vs. the 3.6% expected, an increase from 3.5% in September.
The labor participation rate of 62.2% was slightly lower than the 62.3% projected.
Starbucks gapped up 8.5% after reporting better-than-expected Q4 EPS and sales numbers Thursday after the market closed. The stock got near the 93.58 buy point of a flat base but backed off.
Cardinal Health gained 5.1% after beating expectations on its fiscal Q1 EPS and sales numbers. The drug wholesaler climbed to a 52-week high.
DraftKings plummeted 27.8% after reporting a better-than-expected Q3 sales number, but a lower-than-expected number of monthly unique users.
Futures Fall: Apple Warns On iPhone Output; Big Meta Job Cuts Seen
Energy Stocks Hit New Highs, Copper Stock Leads The S&P
Mining stock Freeport-McMoRan soared 11.5% as copper futures rose over 8%. The stock was the S&P leader today.
Woodside Energy gapped up 8.6% and hit the 24.04 buy point of an irregular pattern. Despite the gap-up, the stock is in extended from the 5% buy zone. Shares of the Australian-based crude and LNG explorer started trading on June 10. The stock hit a new all-time high, since it started trading in June.
The company has shown consistent triple-digit quarterly EPS and sales growth.
IBD 50 Stock Market Movers: Health Care Staffer Breaks Down
The Innovator IBD 50 ETF dropped 0.7%, performing worse than the major stock market indexes.
Texas Pacific Land rose 7.1% in light volume as energy stocks post a strong day. The stock has a 99 Relative Strength Rating, meaning it has outperformed 99% of stocks in the IBD database.
Earthstone Energy gained 1.3% after two down days following its Q3 earnings report on Wednesday. The company missed the sales estimate, but beat on EPS. Shares found support at the 21-day exponential moving average.
SM Energy was up 2.9% and tried to break out of a choppy base but sank back below the 47.91 buy point.
Cross Country Healthcare tumbled 11.6% and dropped below its 21-day exponential moving average.
Coterra Energy dropped 5.6% despite reporting a beat on Q3 EPS and sales numbers. The oil and gas exploration stock is trying to hold above the 200-day moving average.
