Stocks climb; jobs report supports delayed taper

Stocks climb ; jobs report supports delayed taper

NEW YORK (MarketWatch) — U.S. stocks gained on Tuesday, further propelling the S&P 500’s record rise, as the September nonfarm-payrolls report supported the notion that the Federal Reserve’s monthly bond purchases would continue into next year.

“I think today’s stock market and new highs are all about the nonfarm payrolls number and the likely non-response form the Fed. This is a bit of a trifecta — moderate earnings growth, low inflation and an accommodative Fed; it has been the story all year,” said Jim Russell, senior equity strategist for US Bank Wealth Management.

Treasury yields and the dollar fell, while gold climbed.

“When we have more stimulus that means the printing presses at the Treasury are printing more dollars, which forces the value of the dollar lower; gold is starting to move back up, as more and more stimulus could have an inflationary impact on the U.S. economy. That’s why gold is having a bid here,” said Chris Gaffney, a senior market strategist at Everbank.

Ending at its highest level since Sept. 19, the Dow Jones Industrial Average (DJI JIA) rose 75.46 points, or 0.5%, to 15,467.66.

Closing up for a fifth consecutive session, its longest winning streak since one ending Sept. 11, the S&P 500 index (SNC:SPX) climbed 10.01 points, or 0.6%, to 1,754.67, with the material and consumer-staple sectors pacing gains that involved all but technology of its major industry groups.

Netflix Inc. (NASDAQ:NFLX) fell 9.2%, after the video-subscription service’s CEO chalked up its surge to “euphoria” on the part of investors.

Apple Inc. (NASDAQ:AAPL) declined 0.3% after debuting another version of its iPad mini, this one with a high-definition screen, along with a skinnier and lighter model for a larger iPad called the iPad Air, both of which go on sale in November.

Coach Inc. (NYSE:COH) fell 7.5% after reporting revenue beneath expectations. Delta Air Lines Inc. (NYSE AL) rose 3.2% after the carrier’s quarterly profit exceeded estimates. Whirlpool Corp. (NYSE:WHR) gained nearly 12% after the appliance manufacturer hiked its outlook.

The Nasdaq Composite (NASDAQ:COMP) closed up 9.52 points, or 0.2%, at 3,929.57.

For every share falling, roughly three rose on the New York Stock Exchange, where 753 million shares traded. Composite volume cleared 3.8 billion. http://www.marketwatch.com/story/stocks-rise-...2013-10-22