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U.S. stocks erased early losses and climbed higher today with the price of crude in the first trading session following the release of March's disappointing jobs report.
At the close the Dow Jones had rallied 0.7% to 17881 while the NASDAQ added 0.6% to 4917.
The stock market’s switch to rally mode was pinned on bets that the Federal Reserve will move more slowly in raising interests rates given the disappointing jobs report.
The jobs data eased some concerns that the U.S. dollar would continue to strengthen and further pressure earnings of companies with international exposure.
Labour Department data showed U.S. employers last month added the fewest jobs in more than a year. The rise of 126000 jobs was well below economists' expectations for a gain of 245000. The data was released on Good Friday when Wall Street was closed.
In other U.S. economic news on Monday the latest reading for the Institute for Supply Management’s nonmanufacturing index was slightly better than expected showing a dip from the prior month but still indicating steady U.S. growth.
MOVERS:
Hudson City Bancorp (NASDAQ:HCBK) slipped 8.3 percent to $9.62 after the holding company announced a delay again for its planned merger with M&T Bank (NYSE:MTB).
Lumber Liquidators (NYSE:LL) increased 2.8 percent to $34.13 after Raymond James upgraded the hardwood flooring retailer on the belief that the headwinds related to concerns over Chinese-made laminated flooring will dissipate and that sales and earnings trends will continue to improve.
Resonant (NASDAQ:RESN) tumbled 40 percent to $4.40 after the development-stage technology company said its first customer terminated its multiyear development agreement.
Alcoa (NYSE:AA) rose 1.6 percent to $13.35 as the largest U.S. aluminum producer will mark the unofficial start of first-quarter earnings season when it reports after the close on Wednesday.
Magnum Hunter Resources (NYSE:MHR) skidded 8.2 percent to $2.57 after disclosing the U.S. Securities and Exchange Commission may file an enforcement action against the Houston Texas-based company related to its financial reporting before 2013.
COMMODITIES:
June gold added 1.5% to settle at US$1218.60 an ounce a seven-week high.
West Texas Intermediate crude for delivery in May jumped 6.1% to close at US$52.14 a barrel. That marked the highest close for a most-active futures contract since February 17.
OTHER MARKETS:
Several Asian markets including those in China and Hong Kong were closed for a holiday while the Nikkei 225 index (INDEXNIKKEI:NI225) finished down 0.2 percent.
European markets are closed for the Easter break until tomorrow.
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