Market Recap 3/5/10

Information below acquired from CBOT  

See Ag Stocks Below

DJIA Intraday graph 3/5/10  

As of close on 3/5/10

DOW    10,566.20           +122.06   (+1.17%)

NASDAQ  2,326.35         +34.04    (+1.48%) 

S&P 500  1,138.70          +15.73    (+1.40%)

Stocks Gain 1.5% for Week; Materials Lead

Stocks turned in their best performance since early January, up 1.5 percent for the week, as investors breathed a sigh of relief that job loss in February wasn't as bad as expected.

Employers slashed 36,000 jobs from nonfarm payrolls last month, far fewer than expected. The consensus estimate had projected a loss of 50,000 jobs but the whisper number went as high as 200,000, given the impact of brutal winter weather in the Northeast. Job losses for December and January were revised to show 35,000 fewer jobs lost than previously reported. And the unemployment rate held steady at 9.7 percent.

Manufacturing showed signs of a modest recovery, adding 1,000 jobs, but construction shed 64,000 jobs — a worrisome sign for the sector at this point in the recovery. Census hiring was just 15,000, less than expected.

Temporary work rose for a fifth straight month, which is usually viewed as an encouraging sign but Todd Schoenberger, managing director at LandColt Trading, said it's the source of some concern.

"After dissecting the report, traders are recognizing that what is keeping the jobs number from falling off a cliff is the amount of temporary hiring," Schoenberger explained. "Unless there is supporting evidence that temps are becoming permanent on company payrolls, the long-range view remains cloudy. This could dampen any bullish sentiment that appeared following the release," he said.

Commodity stocks got a boost as the better-than-expected jobs report pushed both oil and gold higher.