The market is having its single best day in about a month. The Dow Industrials are experiencing a 3 month high.
The major indexes are in the green, and we have a big rally today, which kind of makes up for the 4 day downtrend that happened this week. Once again, we started off with a down trending Monday, and another rallying Friday.
The jobs report that just came out has more than likely been a factor in today’s rally, as it looks better for the U.S. economy with 163,000 new jobs added in July. This is much better than the 64,000 new jobs added in June, and better than the 95,000 figure that economists had predicted for last month.
An Upbeat Jobs Report
NEW YORK (CNNMoney) — Stocks rallied nearly 2% Friday as investors welcomed a stronger-than-expected July jobs report.
The Dow Jones industrial average surged 220 points, or 1.7%. The S&P 500 and the Nasdaq were both up almost 2%.
The indexes were all on track to end higher for the week as Friday’s gains offset losses on Thursday. Stocks are trading at the highest levels since early May.
The U.S. economy added 163,000 jobs in July, an improvement from an increase of just 64,000 in June, according to a government report. Economists surveyed by CNNMoney were predicting 95,000 jobs were added last month.
The major stock indexes are all in the green, with the Dow once again surpassing the 13,000 point mark.
Stock Indexes: $DJI +243.32 $COMP +63.07 $SPX +27.90 $NYA +185.6081
Facebook ($FB) has been down trending since its Facebook IPO opening day.
(Bloomberg) Fidelity Investments, an early investor in Facebook Inc. (FB) (FB), disclosed that 19 of its stock funds sold 1.7 million shares in June, the month that followed the social-networking company’s botched initial public offering.
Facebook and some existing stockholders raised $16 billion through the IPO, a record for a technology company, after increasing the number of shares offered by 25 percent and boosting the price to $38 each. The IPO was plagued by trading errors and the stock has since lost almost half its value, closing today (FB) at $20.04 in New York.
Bristol-Myers Stock Plunges
Stocks of Bristol-Myers Squib ($BMY) plunged yesterday amid two significant news stories.
- 1) A Bristol-Myers executive has been arrested, charged with insider trading.
- 2) An experimental drug for the treatment of Hepatitis C experiences a big setback when a patient suffered heart failure.
(Washington Post) NEWARK, N.J. — A Bristol-Myers Squibb executive took advantage of his high-level position and access to nonpublic information to make $310,000 from illegal insider trades, federal prosecutors and Securities and Exchange officials said Thursday.
Robert Ramnarine was arrested Thursday morning by the FBI and was charged with three counts of using nonpublic information on companies his employer was considering buying to make stock trades.
Meanwhile, Bristol-Myers shares were falling sharply Thursday because the company announced Wednesday night that it had halted a mid-stage study of a key experimental drug for hepatitis C. The company said at least one patient had suffered heart failure and so it was investigating the cause and whether it was related to the drug, as well as checking on the other patients in the study.
NASDAQ Stocks Soar
Some key stocks are soaring today in today’s big rally: $AAPL, $GOOG, $PCLN, $ISRG
Apple ($AAPL) is up +$8.48 to $616.03.
Google ($GOOG) is up +12.95 to $641.70.
Priceline ($PCLN) is up a whopping +$21.39 to $670.40.
And Intuitive Surgical ($ISRG) is making a comeback today with a +$16.74 boost to $494.53.