Stocks soared Thursday on a string of good economic data and results from Cisco Sytems Inc (CSCO) setting the stage for today’s employment report for October. Investors shot the major averages to their highest level in weeks. The Dow rose 203.82, or 2.1 %, to 10,005.96, closing above 10,000 for the first time in November. The broader Standard & Poor’s 500 index rose 20.13, or 1.9 %, to 1,066.63, its fourth straight gain. The Nasdaq rose 49.80, or 2.4 %, to 2,105.32, while the Russell 2000 index of smaller companies rose 18.03, or 3.2 %, to 581.15.

Morning Outlook

Despite the weakness in many of the employment situations, which are released on the first Friday of the month, Wall Street has finished higher almost every session the report has been released this year. In the premarket before the release of the report, stocks were tilting slightly higher. Dow Jones industrial average futures rose 4, or 0.04 percent, to 9,958. Standard & Poor’s 500 index futures rose 0.40, or 0.04 percent, to 1,063.60, while Nasdaq 100 index futures rose 2.25, or 0.1 percent, to 1,721.50.

The confidence is there, now it is time for the report to deliver as employment is the #1 problem now and down the line for sustaining and growing this economy.

Currencies and Commodities

The dollar fell 0.0802% at 90.6400 yen in the currency market. The euro was flat with the greenback at 1.4871 while the pound dipped slightly to $1.6582 . Gold rose $4.60 to $1093.90 an ounce, while silver ticked up 0.60% at $17.51. Light, sweet crude for December rose 3cents to $79.65 per barrel on the NYMEX; a 0.04% advance.

Economic Calendar

8:30 AM

Employment Situation: The employment situation is a set of labor market indicators. The unemployment rate measures the number of unemployed as a percentage of the labor force. Nonfarm payroll employment counts the number of paid employees working part-time or full-time in the nation’s business and government establishments. The average workweek reflects the number of hours worked in the nonfarm sector. Average hourly earnings reveal the basic hourly rate for major industries as indicated in nonfarm payrolls. Analysts expect 175,000 jobs to have been cut in October, while the unemployment rate rises from 9.8% to 9.9%.

The unemployment rate is the highest level since August 1983, however we all know the real unemployment rate is around 20%

3:00 PM

Consumer Credit: Measures the value of consumer credit outstanding. Changes in consumer credit indicate the state of the consumer’s finances and can forecast their future spending patterns. Credit availability is tight in the current environment at the same time as households cut back and deleverage their finances. The consensus for September is a decline of $10 billion, after credit contracted $12 billion the prior month.