Closing Bell: Jobs Report Sparks Big Rally; Walmart Holds Its Own Rally

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David Glasgow, of Virginia, looks up to the crowd before the start of the 2013 Walmart Shareholders Meeting at Bud Walton Arena in Fayetteville, Ark Friday June 7, 2013.
Getty ImagesDavid Glasgow, of Virginia, looks up at the crowd before the start of the 2013 Walmart Shareholders Meeting at Bud Walton Arena in Fayetteville, Ark., Friday.
Walmart gave itself a vote of confidence, and the monthly jobs report kicked off a Friday rally on Wall Street.

The Dow Industrials gained 207 points, its second-biggest advance of the year. The Nasdaq Composite rose 45 points, and the S&P 500 added 20, pushing all three major averages back into positive territory for the week.

Shares of Walmart finished 1 percent higher. The world's biggest retailer held its annual shareholders' meeting, and announced a $15 billion stock buyback. That news outweighed the effects of protests by some workers and shareholders about Walmart's wages, factory safety, and the alleged bribery of officials in Mexico and other countries.

Today's big rally was sparked by the Labor Department's employment report, which showed the U.S. economy created 175,000 jobs in May. That was a bit better than most economists predicted, but the unemployment rate ticked up to 7.6 percent as more Americans came off the sidelines and started looking for work again.

Many analysts said the report was in the "Goldilocks zone": Not too hot, and not too cold. They're tracking the economic data, looking for hints about when the Federal Reserve may begin to taper off its quantitative easing program.

The financial sector had the most dramatic reaction to the news. Shares of Morgan Stanley (MS) surged more than 6 percent, while Goldman Sachs (GS) jumped 4 percent. Citigroup (C) and JP Morgan Chase (JPM) followed close behind, with gains of about 1.5 percent each.

But bank stocks were far from the only winners. Today's rally was broad-based -- just four of the 30 names on the Dow Jones Industrial Average finished in the minus column. American Express (AXP) and Boeing (BA) helped set the pace, both advancing to new 52-week highs.

The technology sector also showed some strength this afternoon. Amazon (AMZN) jumped more than 3 percent, after saying that it will start selling its Kindle tablets in China.

Microsoft (MSFT), Apple (AAPL), Google (GOOG) and Facebook (FB) all finished higher as well. The Internet companies denied a Washington Post report that claimed they had given the National Security Agency direct access to their servers.

Apple will be back in the news on Monday, when the company kicks off its annual Worldwide Developers' Conference.


-Produced by Andy Myers


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51 Comments

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setanta54s_back

it's obvious that walleee world AIN'T goin' nowhere.

costco collapses 1st and all due to their FEE allowing YOU to shop there.
then i_keee_yuuh.

yeah,they have no beef with charging a CONSUMER to enter the sanctuary and SPEND money.....thinking it's WHOLESALE PRICING.....LM@O
and absolutely no problems with the cardboard crap i_keeee_yuuuh passes off as furniture or cabinetry.

let's see whO folds first.

June 09 2013 at 6:31 PM Report abuse rate up rate down Reply
gibby1208

This is too funny. Watching conservatives choke on their own bile.

June 08 2013 at 10:03 AM Report abuse rate up rate down Reply
1 reply to gibby1208's comment
setanta54s_back

so elated to continuously read that theeeee hallowed prOgressives and libtardia really BELIEVE that
conservatives are stupid
and are the minority votes.

keep the spittle flowing.....

June 09 2013 at 6:26 PM Report abuse rate up rate down Reply
HIGHPOWER

The market went up because Ben is going to continue Q.E, good greif.

June 08 2013 at 9:48 AM Report abuse +2 rate up rate down Reply
thefacts22

Every one of us in the Market KNOWS,that IT IS at this moment an inflated balloon....There is a disconnect in between real economy,and Market value.....No economic reason at all,that the Market goes up,when the dollar has been loosing value,and REAL unemployment is over 14%.....The FEDS keep buying bonds,and printing money,and that alone feeds an impending disaster

June 08 2013 at 8:12 AM Report abuse +3 rate up rate down Reply
plewdawg

Cmon liberals, put on your "common sense hats". Cities all over America are denying Wal MArt applications to build because it destroys other business. Employees are disgruntled, striking and walking off the job. And this is the "barometer" that there are jobs and made the stocks go up?! Hahahahahahhaahaa.......I cant fault you libs. You truly WANT to believe he is acting in your best interest.

June 08 2013 at 7:55 AM Report abuse rate up rate down Reply
GLORIA

I wonder if the persons that are off work , laid off, then recalled when the factories resume production are called "new" jobs and are counted as such ? Here locally, a couple of factories have shut down temporarlly then resume calling back the workers . Just wondering .

June 08 2013 at 12:21 AM Report abuse rate up rate down Reply
CARL HECK

This is terrible news for the GOP..... High Stock prices is Bad news

June 07 2013 at 11:55 PM Report abuse -2 rate up rate down Reply
kjchard

Seriously? And in a few days we will find out it is all a bunch of hype like everything else that is being put out there?

Are there really that many dumb people out there that believe this stuff?

June 07 2013 at 10:50 PM Report abuse rate up rate down Reply
Hello Bob

Still don't have a job ! Well, get off your ass and go get one. There are millions of unfilled jobs available. However, if you are looking for the perfect "position" you are out of luck.

June 07 2013 at 9:48 PM Report abuse rate up rate down Reply
kluj1

They forgot to mention that volume was lackluster

June 07 2013 at 9:21 PM Report abuse +1 rate up rate down Reply
1 reply to kluj1's comment
h.hughjardon

For a while now.

June 07 2013 at 11:46 PM Report abuse +1 rate up rate down Reply