Markets surge after jobs report

Written By limadu on Jumat, 04 April 2014 | 21.29

Dow 9:45

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NEW YORK (CNNMoney)

The Dow touched 16,629 in morning trading and the S&P 500 went to 1,897. Both indexes are still up, although they have retreated a bit from the record levels.

The Nasdaq is once again the laggard. It opened lower after a sell-off on Thursday.

In what could be called a "Goldilocks" report, the government said 192,000 jobs were added last month. The unemployment rate held steady at 6.7%, and wage growth is still weak.

While March job growth was slightly weaker than economists predicted (economists survey by CNNMoney expected a figure of 219,000), January and February payrolls were revised higher, showing more job gains than first reported during the frigid winter months.

The report could influence the pace at which the Federal Reserve continues to withdraw its support for the economy. Fed Chair Janet Yellen said this week that the jobs market was far from healthy, especially with such slow wage growth.

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One stock investors were hungry for this morning was GrubHub. (GRUB) The online food ordering company priced its initial public offering at $26 a share. It sure delivered when trading started. It surged close to 50% before falling back. It is now trading around $35.

Unfortunately for CarMax (KMX, Fortune 500), it's not TGIF. Its shares are falling. The company, the biggest seller of used cars in the U.S., reported weaker than expected earnings largely due to what the company referred to as an accounting correction.

Related: CNNMoney's Tech30

European markets are higher today, likely fueled by the European Central Bank's pledge yesterday to do some sort of quantitative easing, if necessary. Asian markets ended the week mixed. China's benchmark Shanghai Composite rose 0.7%, while stocks in Singapore dropped 0.3%. The Nikkei was little changed at close of trading on Friday. To top of page

First Published: April 4, 2014: 10:08 AM ET


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