The DOW climbed 572.16 points or +1.9%, to 31,496.30 after losing as much as 150 points in earlier trading. The S&P 500 ended the wild trading session +2% at 3,841.94 after shedding -1% earlier and the NASDAQ advanced +1.6% to 12,920.15 after dropping -2.6% early in the trading session.
On a weekly level, the NASDAQ fell more than -2% this week and briefly turned negative on the year. The S&P 500 gained +0.8% this week, snapping a two-week losing streak. The DOW outperformed with a +1.8% weekly gain. Both the DOW and S&P 500 joined the NASDAQ mid-week by triggering new red weekly Trade Triangles indicating that overall, the market could be in a sidelines mode.
The indexes bounced off their lows as bond yields retreated from their session highs. The 10-year Treasury yield eased back to 1.55% after popping above 1.6% to touch a 2021 high following data showing a surge in jobs growth.
On the jobs front, the Labor Department on Friday reported that nonfarm payrolls jumped by 379,000 for the month and the unemployment rate fell to 6.2%. That compared to expectations of 210,000 new jobs and the jobless rate to hold steady from the 6.3% rate in January, according to Dow Jones.
Spiking yields have given life to the U.S. dollar which gained +1.17% to trade above the $92 level for the first time since Nov of 2020. The move was big enough to trigger a new green monthly Trade Triangle, indicating a move to a long position for the U.S. dollar.
Gold continues to disappoint losing another -2% this week, while oil and Bitcoin outperformed with gains of +7.6% and -9% respectively. Bitcoin was able to bounce back after a weekly loss of -21% last week.
Key Levels To Watch Next Week:
- S&P 500 (CME:SP500): 3,950.43
- Dow (INDEX:DJI): 31,668.347
- NASDAQ (NASDAQ:COMP): 14,175.12
- U.S. Dollar (ICE:DX): 89.68
- Gold (NYMEX:GC.J21): 1,714.70
- Crude Oil (NYMEX:CL.H21): 60.67
- Bitcoin (BITCOIN:BITSTAMPUSD): 43,021.00