First the scoreboard:
Dow: 14,390, +61.4 pts, +0.4 percent
S&P 500: 1,551, +6.9 pts, +0.4 percent
NASDAQ: 3,244, +12.2 pts, +0.3 percent
And now the top stories:
- The Dow Jones Industrial Average closed at yet another all-time high. And the S&P 500 is within points of its all-time high of 1,565.
- Market gains came in the wake of a bullish jobs report. U.S. companies added 236k new jobs in February. This was way ahead of the 165k forecast by economists. This even beat the most bullish economist's forecast. Private payrolls jumped by 246k, which was also well ahead of expectations. The unemployment rate fell to 7.7 percent. Economists expected the rate to stay flat at 7.9 percent.
- On the downside, the labor force participation rate fell. Also, the unemployment rates for teens and those with bachelor's degrees and higher climbed.
- While the numbers were much better than economists' expectations, they still reflect a job market that remains incredibly weak four years into the economic recovery.
- ECRI's Lakshman Achuthan would tell you that the U.S. jobs market is actually recessionary. But while one skeptic remains bearish, another has turned bullish. PIMCO's Bill Gross boosted his 2013 real GDP growth forecast to 3 percent from his previous forecast of 1.25 to 1.75 percent.
- Don't Miss: GOLDMAN: These Are The 12 Cheapest Stocks In The Market >
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