Stocks Close At Record High On Worst Jobs Number Of 2014

Worst jobs data of the year? BTFATH. For the 9th day in a row, S&P 2,000 was all that mattered. Thanks to the standard Friday v-shaped recovery, the Dow scrambled back to green on the week and S&P 500 hit its Maginot 'retirement on' line - all on the back of USDJPY 105.00 pinning. Trannies and S&P hit new record highs and S&P had its best day in 2 weeks (led by exuberant growthy Staples & Utilities this week). Russell ended the week red as the late-day buying-panic sent Nasdaq just green with Dow and S&P. But, away from stocks, US Treasuries had their worst week in a year with 30Y +16bps (but 2Y only +2bps). The US dollar rose to new 14-month highs with its biggest week in 10 months. Despite the USD strength, Copper manage to close marginally higher even as PMs dropped 1.6% and oil plunged almost 3% (WTI under $93) in a very volatile week. High-yield credit markets closed with their worst week in the last 5. Bad news is great news still - just six years into the 'recovery'.

 

First 3 things:

 

Quite a week in futures...

 

From the release of the jobs data...

 

S&P 500 has clung to 2,000 for 9 days in a row...

 

But today was all about JPY 105 and AUDJPY momentum ignition...

 

On the week..

 

And Staples and Utes led the S&P sectors as Energy showed weakness... (tech inched into green thanks to YHOO's move on BABA IPO news)

 

High yield credit ended wider - its worst week in 5...

 

FX markets on the week were all about Draghi...

 

But Treasuries whipsawed all over the place - closing at the high-yields of the week...

 

As convergence continues...

 

Oil was slapped lower but had a very volatile week...

 

With copper showing small gains and PMs dropping in line with USD strength...

 

Best week for US dollar in 10 months to 14-month highs...

 

Worst week in the long-bond in a year...

 

 

 

Charts: Bloomberg

Bonus Chart: The Fed balance sheet is nearing that time...