Stocks Surge 1% on Strong Jobs Report; Dow Reclaims 15,000 Level

By: Justin Menza

 

Stocks jumped in a choppy trading session Friday, extending gains heading into the close, after a strong jobs report indicating an improving U.S. economy offset worries about a sooner-than-expected end to Federal Reserve bond buying.

The Dow Jones Industrial Average climbed back above the 15,000 level, propelled by gains in American Express and JPMorgan
.

The S&P 500 and the Nasdaq were also strongly higher. The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, traded near 15. 
 
The S&P 500 finished above its 50-day moving average of 1626. "All week this trendline has held back the bulls," said Ryan Detrick, senior technical strategist at Schaeffer's Investment Research.

"Still, the more important area could be the Russell 2000 Index 1,000 region. This area has held as resistance since May and won't go down without a fight."

With those areas breached on Friday, Detrick said "it could signal we could have a strong July rally."