Market Summary

Wall Street was up slightly in the premarket and soared at the release of the November employment situation from the Labor Department. Equities ran, yields rose, while gold retreated on the stronger greenback. Bets rose on the street that this could expedite a rise in interest rates by the fed, as no one saw a number coming in this low.

Sounds good right? Well the market, once up well over 1% on all of the major averages gave back its gains, dipping into negative territory TWICE. However, there was green across the street not just because all three major averages ended up positive, but the greenback saw a resurgence as well. The rise in the dollar sent commodities lower and suffocated the earlier gains in the equity market.

The Dow Jones Industrial average ended with a gain of 22.75, or 0.2 percent, to 10,388.90 after crossing the 10,500 mark and setting a 2009 intraday high. The broader Standard & Poor’s 500 index rose 6.06, or 0.6 percent, to 1,105.98, while the Nasdaq composite index rose 21.21, or 1 percent, to 2,194.35.

The street is a weird place, you had a historic run up since March on middle of the road data, yet traders gave back hefty gains during the day’s session.

Gold fell for the first time this week, losing 4% or $78.80 to $1,169.50 an ounce, while crude oil for January delivery fell 99 cents, 1.2 percent to $75.57 a barrel.

Market Soars on Surprising Jobs Report

The employment situation hit at 8:30 and it had a major impact. It was extremely impressive, with only 11,000 jobs lost in November, down from the 130,000 estimate of economists. The unemployment rate, at its highest level in 26 years, ticked down from 10.2% to 10%, while we also saw a decline in the real unemployment rate to 17.2%.

Healthcare/education, as well as the service sector saw a net job increase in November (despite the downbeat ISM report on Thursday). The average hourly workweek ticked up 20 basis points to 33.2 in the month.

It was the 23rd straight month of job loss, however upward revisions next month could turn this figure positive. 7.2 million jobs have been lost since the recession began in December 2007.