Wall Street shot higher in the premarket after the Labor Department released its MUCH anticipated July Employment Situation. The better than expected results sent all three major averages sharply higher to close out the first week of August. At the closing bell, the Dow Jones industrial average was up 113.81 points, or 1.23 %, at 9,370.07, while the Standard & Poor’s 500 Index gained 13.40 points, or 1.34 %, at 1,010.48. The Nasdaq Composite Index rose 27.09 points, or 1.37 %, at 2,000.25. The market was led higher by retailers and financials, who received the first profitable quarter by AIG since 2007, a span of 7 quarters.

For the week, the blue chips advanced 2.2 %, the S&P 500 was up 2.3 % and the Nasdaq was up 1.1 %.

Morning Outlook

Asian markets gained overnight in response to the U.S. jobs data. Coupled with a rise in Japanese machinery orders, the Nikkei 225 stock average rose 112.17 points, or 1.1 %, to a ten-month high of 10,524.26. Hong Kong’s Hang Seng jumped 554.15 points, or 2.7 %, to 20,929.52.

Asian gains didn’t find their way to Europe, as investors paused following Friday’s gains. The FTSE 100 index of leading British shares was down 21.78 points, or 0.5 %, at 4,709.78 while Germany’s DAX fell 35.78 points, or 0.7 %, at 5,423.18. The CAC-40 in France was 20.57 points, or 0.6 %, lower at 3,500.57.

In the premarket, Wall Street has a very similar look to Europe. The Federal Reserve begins its two day August FOMC meeting today, where they are going to keep rates steady. However, the fate of many emergency loan programs may wind down, and the committee’s commentary on the economy is always dissected. In addition, this week brings reports from the nation’s largest retailers, with economic signs still waiting for the consumer to normalize habits. Ahead of the opening bell, Dow Jones industrial average futures fell 15, or 0.2 %, to 9,310. Standard & Poor’s 500 index futures declined 1.70, or 0.2 %, to 1004.70, while Nasdaq 100 index futures fell 6.75, or 0.4 %, to 1,613.00.

Currencies and Commodities

The dollar fell 0.287% at 97.29 yen in the currency market. The euro appreciated 0.0691% to $1.4193 while the pound depreciated 0.3686% to $1.6623. Commodities lost ground despite the dollar lacking any strength in trading so far. Gold lost $3.40 an ounce to $956.10 an ounce, while silver tumbled 1.49% at $14.45. Light, sweet crude for September delivery fell 29 cents to $70.64 per barrel on the NYMEX; a 0.41% decline.