People Of WFIT
Fri February 3, 2012
On Positive Jobs Report, Nasdaq Hits 11-Year High
The better-than-expected jobs numbers released today, sent the markets into positive territory they hadn't seen in years.
The Nasdaq Composite rose to an 11-year high, while the Dow hit its highest reading in almost four years. The S&P gained 1.4 percent, marking its best start to a new year since 1987.
Here's how one obviously giddy investor framed it for Bloomberg:
"'Spectacular,' Ron Florance, managing director of investment strategy for Wells Fargo Private Bank, said in a telephone interview from Phoenix. His firm manages $169 billion. 'It's a very, very strong jobs number. It shows that companies have confidence that they see global demand growth through their products and services. That will support risk assets.'"
And here's how a more sober economist put it to The Wall Street Journal:
"'The data seem to show the economy is mending a bit faster than it was a year or two years ago,' said David Resler, chief economic adviser for Nomura Securities."
CNN Money works through the numbers:
"The rally pushed pushed the Dow, up more than 5% in 2012, to its highest level since May 2008. The Nasdaq, up more than 11% for the year, climbed to its highest level since December 2000. The S&P 500 has gained almost 7% this year, and finished at a six-month high."