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In Case You Missed Thursday

Stocks took off because oil didn't


Hey now!
  • Stocks took advantage of some moderation in oil prices and shot nearly 2% higher, quickly bringing the S&P 500 to less than 1% away from hitting another 2011 high. The flight away from safety trade was on with gold and silver both retreating from all-time and 30-ish-year-highs set on Wednesday. Bonds sold off as well, and the 10-year note yield jumped back up to 3.57%. Recently beaten-down sectors like airlines and travel/tourism had their day in the sun, as did tech and small-caps, which both outperformed.
  • After the closing bell, Spreadtrum Communications (NASDAQ:SPRD) jumped 16% in after-hours trading following the company beating analysts’s fourth-quarter earnings announcement, and guiding the Street higher for first-quarter revenue. Shares of Marvell (NASDAQ:MRVL) were off 4.6% after the company missed fourth-quarter estimates and said first-quarter profit and revenue would come in below current expectations. Wal-Mart (NYSE:WMT) boosted its annual dividend by 21%.
  • On Friday, you have your February employment report, which in a normal week, can often mean a lot of sideways trading ahead of the announcement. This week, not so much. The consensus is looking for a nonfarm payroll addition of 185,000 and for the unemployment rate to tick up to 9.1%

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