Stocks rally on labor market data, earnings
The rally came ahead of the widely-followed payrolls report for January due Friday, which some are expecting to be affected by the extreme weather that hit much of the United States. December’s number was a much-lower-than-expected 74,000 and an upward revision wouldn’t be a surprise.
“Bad weather causes cancellations, flight problems, business closings. I’m hoping we get an upward revision to the December (payrolls) number tomorrow, but if we get a lousy number I’m not going to crawl under a rock.”
The Dow Jones industrial average rose 188.3 points or 1.22 percent, to 15,628.53, the S&P 500 gained 21.79 points or 1.24 percent, to 1,773.43 and the Nasdaq Composite added 45.57 points or 1.14 percent, to 4,057.122.
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