STOCKS GO WILD AFTER AWESOME JOBS REPORT: Here's What You Need To Know

First the scoreboard:

Dow: 14,973, +142.3 pts, +0.9%
S&P 500: 1,614, +16.8 pts, +1.0%
NASDAQ: 3,378, +38.0 pts, +1.1%

And now the top stories:

• It's jobs day in America. According to the Bureau of Labor Statistics, U.S. employers added 165,000 nonfarm payrolls in April. This was much higher than the 140,000 expected by economists. Even better, the March number was revised up to 138,000 from 88,000, and the February number was revised up to 332,000 from 268,000.
• The unemployment rate slipped to 7.5% from 7.6%. This comes as the labor force participation was unchanged at 63.3%.
• It's worth noting that the unemployment rate is still painfully high and that the pace of job creation could be higher. Still, today's news was encouraging.
• All of this was followed by two big milestones for the stock markets. First, the S&P 500 crossed 1,600 for the first time ever right when the markets opened. Less then an hour later, the Dow Jones Industrial Average briefly crossed 15,000 for the first time ever.
• So, what about the "sell in May and go away" rule? "We want to take the other side of this trade for multiple reasons," said JP Morgan's Tom Lee reiterating his bullishness. Among other things, he noted that hedge funds were quite bearish already. This wasn't the case going into the previous three Mays. Lee also added that falling gas and commodity prices would act as a big stimulus to the economy.
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