Wall Street recovered premarket losses Friday after the Labor Department released the October Employment Situation.All three major averages were positive at the close of the week, as the Dow Jones industrial average rose 17.46, or 0.2 percent, to 10,023.42. The Standard & Poor’s 500 index rose 2.67, or 0.3 percent, to 1,069.30, while the Nasdaq composite index rose 7.12, or 0.3 percent, to 2,112.44. The Russell 2000 index of smaller companies fell 0.80, or 0.1 percent, to 580.35.

The close signaled a winning week for the street, as the Dow and the S&P 500 index added 3.2 percent, while the Nasdaq rose 3.3 percent.

Morning Outlook

Futures on Wall Street signaled a higher opening to start the week. Assurance from the G20 meeting that stimulus measures would not be halted too soon lifted the marketplace. Dow Jones industrial average futures rose 84, or 0.8 percent, to 10,062. Standard & Poor’s 500 index futures rose 9.60, or 0.9 percent, to 1,075.80, while Nasdaq 100 index futures rose 16.25, or 0.9 percent, to 1,746.00.

There isn’t really any data expected to steer trading today. I am sure the 10.2% unemployment number is still leaving a sour taste. The huge drop in the dollar today should give exporters a boost, while the energy and mining stocks should benefit from higher prices.

Currencies and Commodities

The dollar rose 0.052% at 89.923 yen in the currency market. Otherwise, it has been a rough morning for the greenback, with the dollar index now off 7% for the year. The euro soared 1.0096% to $1.4997 while the pound shot up 1.1261% to $1.6799 . Commodities shot up on the weak dollar.Look at gold, breaking the $1100 mark, rising $13 to $1108.70 an ounce, while silver gained 2.01% at $17.73. Light, sweet crude for December rose $1.14 to $78.56 per barrel on the NYMEX; a 1.14% advance as Hurricane Ida puts the gulf coast on alert.

Not a good reaction to the dollar as the treasury prepares to auction off $40 billion in 3 year notes today. The yield on the 10 year treasury rose 2 basis points to 3.52 percent.