Bulls show no signs of trepidation ahead of tomorrow’s October jobs report, charging to strong gains, led by consumer discretionary stocks, financials, industrials and materials.
Interesting dimension to today’s rally is the US dollar index — it actually inched a bit higher, and was mostly in positive terrain throughout the session. We’d noted a loosening in the USD’s inverse correlation to stocks in the past couple days, but today it was more pronounced. Treasurys, too, actually held up better than one might expect amid such a solid equities rally.
So have stocks already priced in a good jobs report? Tune in tomorrow. As usual we’ll be most interested to see the length of the work week, the broader U-6 unemployment measure and durations of unemployment.
DJIA rises 203.82 to 10005.96, and Nasdaq Comp adds 49.80 — or 2.4% — to 2105.32. S&P 500 ends 20.13 higher at 1066.63.