Happy Friday!
The Dow Jones Industrial Average jumped 350 points, or 1.54%, to 23,036, the S&P 500 gained 1.62%, and the Nasdaq was up 1.68%. The partial rebound followed a drubbing for U.S. stocks on Thursday after a sales warning from Apple Inc. and a weak report on U.S. manufacturing. The Dow on Thursday fell 660 points, or 2.83%, to 22,686, the S&P sank 2.48% and the Nasdaq dropped more than 3%.
Jobs Report
The U.S. nonfarm payrolls jump to 312,000 in December was well above economists’ estimates of 180,000 jobs. The unemployment rate rose to 3.9%, climbing from a half-century low of 3.7%, while average hourly wages rose to an annual rate of 3.2%.
Chevron
Chevron is Real Money’s stock of the day.
Kevin Curran, a reporter for Real Money, wrote about the oil company.
Shares of the San Ramon, California-based energy leader are lurching higher from their bottom on Christmas Eve, fueled by a recovery in oil prices from some of its worst levels in years.
The recovery in Chevron’s stock has coincided with a recovery in U.S. crude oil prices, which have risen more than 13% from their bottom of the barrel price of $42.53 on Christmas Eve.
The recovery in global oil prices is aided by firmer production cuts from OPEC. Analysts are now anticipating a 1.2 million barrel per day production cut from the Saudi-led oil cartel. The cuts were supplemented by reports from the American Petroleum Institute Thursday that showed U.S. crude stockpiles fell by 4.5 million barrels in the week ending December 21, assuaging anxiety over U.S. manufacturing numbers.
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