CLOSING BELL

Dow 10566.20  +122.06, Nasdaq 2326.35  +34.04, S&P 1138.70  +15.73 

A smaller-than-expected decline in February nonfarm payrolls provided traders a reason to bid stocks higher, and financials had the best gains for the second straight day.

Stocks were higher all day after the nonfarm payrolls showed that only 36,000 jobs were lost compared to the estimated 68,000 that economist had expected.  The number includes the possible negative impact the North East snowstorms had on the economy.  Once the street saw the numbers the market took off from there, since they had anticipated worse than expected numbers.  Additionally, the unemployment rate came in better than expected at 9.7%.

Because of the possibly stronger economy the dollar rallied from over -1% losses to a +0.4% gain, but ended the day fractionally lower.  This caused Treasury’s to be under pressure all day.

Stocks were able to put together their best percentage gain in two weeks with more than 90% of the names in the S&P 500 gaining today.

Financials ended up +2.0% today as all 79 components of the S&P 500 sector posted gains.   Energy stocks also had a great day the sector ended up +1.8% on the belief that a stronger economy was ahead.

Oil also provided support for the CRB Commodity Index, which closed with a +0.8% gain.

Advancing Sectors: Financials +2.0%, Energy +1.8%, Consumer Discretionary +1.6%, Industrials +1.5%, Tech +1.4%, Materials +1.4%, Health Care +1.2%, Utilities +1.1%, Consumer Staples +0.5%, Telecom +0.1%

Declining Sectors: None