Top 3 Reasons Markets Loved April Fools
Markets closed up on Wall Street: DJI +0.46% SP500 +0.5% Nasdaq +0.31% Gold -0.79% Oil +1.36%.
Markets were in the green all day after the BLS Unemployment report started April with hope. The Nasdaq (NASDAQ:QQQ) lagged during the session, and Oil (NYSE:USO) is becoming the star (for traders) again. Japan (NYSE:EWJ) made headlines again on news of mind-boggling radiation levels.
Today’s markets were up because:
1) People got jobs. Don’t over-think it. So long as the BLS Unemployment Data makes even marginal improvements, Wall Street will cheer. Think of it like the pitcher at bat: all he has to do is make contact. Now check out the Chart of the Day: Is Peak Unemployment is Behind Us?
2) The Boerses went to battle. The stakes are high for the future of global exchanges. Today, Nasdaq OMX Group Inc. (NASDAQ:NDAQ) and IntercontinentalExchange Inc. (NYSE:ICE) submitted a joint $11.3 billion bid for NYSE Euronext (NYSE:NYX). Sucks for the current suitor Deutsche Boerse which is already offered NYX a measly $10 billion. Have no doubt: this is going to get Lao Tzu before it’s over. Maybe the CME Group (NASDAQ:CME) and CBOE (NASDAQ:CBOE) will get in on the action. Don’t feel left out. You can always afford these 6 Small Caps With Tremendous Value.
3) Did we say Oil (NYSE:USO)? Black gold marched past $108 a barrel as Libya is a mess and the BLS Unemployment number suggested the economy could strengthen demand for energy (NYSE:XLE). Oil companies followed higher: Exxon Mobil (NYSE:XOM) +0.65%, BP (NYSE:BP) +3.4%, Chevron (NYSE:CVX) +0.77%, Hess Corp. (NYSE:HES) +1.8%, and Petroleo Brasileiro (NYSE:PBR) +2.42%. Don’t Miss: The Top 10 Exchange Traded Funds for Your Oil Investing List.
Now that you’re in the know, get ready for the Final Four!