Unexpected to some, including myself, was today's extremely bullish tone in the stock market. It was supposed to be a quiet day with investors just waiting on Friday's employment report. Today was an example of why on wall street you should expect the unexpected and not take anything for granted. The Dow finished the day higher by 196 points. The Nasdaq finished higher by a little less than 47 points. The S&P 500 gained 22 points, or 1.52%.
Technology stocks led the charge higher today. Large cap techs were particularly strong. Microsoft Corporation (Nasdaq:MSFT) gained 4.21%. Oracle Corporation (Nasdaq:ORCL) charged higher by 5.94% after an analyst spoke very highly of their future. NVIDIA Corporation (Nasdaq:NVDA) shares rose by 5.19% and Broadcom Corporation (Nasdaq:BRCM) gained 5.47% as part of a very strong chip group. Electronic Data Systems (NYSE:EDS) jumped 7.49% today after it announced a $1 billion buyback program.
Energy stocks were also strong despite oil prices falling slightly today. The Chinese energy stocks were the huge winners today. PetroChina (NYSE:PTR) charged higher by 6.47% while CNOOC (NYSE:CEO) gained 4.39% today. Weatherford International (NYSE:WFT) gained 3.16% and Schlumberger Limited (NYSE:SLB) rose by 2.02%.
The basic material sector was also very strong today. Monsanto Company (NYSE:MON) saw its shares hit a new 52 week high today after gaining 3.37% for the day. Potash Corporation (NYSE:POT) also jumped 4.12% to reach a new high. The Mosaic Company (NYSE:MOS), which has risen nearly 400% in the past year also hit a new high, up 6.19% on the day.
Today's unexpected surge in the equity markets was helped by the positive economic data released this morning. Worker productivity rose 6.3%, which is the fastest it has grown in four years. ADP Employer Services report about the private sector's job picture showed an increase of 189,000 jobs in September, well-above expectations.
The volume was a little heavier today on the NYSE than it has been in the past few days, reaching about 1.37 billion shares traded. The Nasdaq was noticably more active today than the past couple days, with about 2.3 billion shares changing hands today. The up volume bested down volume by 80%-20% on the NYSE and 70%-30% on the Nasdaq.
All signs are pointing to Friday morning being one of the more important economic reports in quite some time. Be ready for some volatility on Friday morning!
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