WALL STREET : DJIA Gains 0.43% Daily, Down 1.34% Weekly

DJIA, SPX Win the Day on Jobs Jubilation,
But Lose the Week

Stocks broke out of the doldrums today, after a surprisingly solid nonfarm payrolls report set the bullish wheels in motion. Specifically, the Labor Department said the U.S. economy added 244,000 jobs in April -- surpassing economists' expectations, and marking the largest surge in nearly a year. What's more, the government upwardly revised its payrolls figures for January and February, which seemed to help traders take an increase in the unemployment rate with a proverbial grain of salt. However, the bulls lost some steam around midday, as crude oil and silver continued their run into the red, and as traders digested rumors -- eventually denied -- that Greece could exit the euro zone. Nevertheless, stocks successfully put a dent in their week-to-date deficits, with all three major market indexes snapping their losing streaks by the close.

The Dow Jones Industrial Average (DJIA – 12,638.74) retreated from triple-digit highs, but still ended with a gain of 54.6 points, or 0.4%. Kraft Foods (KFT) led the 25 advancing blue chips with an earnings-induced gain of 2.1%, while Intel Corp. (INTC) paced the five black sheep with a loss of 1.5%. For the week, the Dow trimmed its weekly deficit to 1.3%.

The S&P 500 Index (SPX – 1,340.20) also pulled back from session highs, reducing its gain to 5.1 points, or 0.4%, by the bell. Finally, the Nasdaq Composite (COMP – 2,827.56) fared the best of its peers, tacking on 12.8 points, or 0.5%. After ending higher for the first session in six, the SPX reduced its weekly loss to 1.7%, while the COMP trimmed its week-to-date deficit to 1.6%.

ANALYSTIC QUOTES

“There have been rising fears over the past week that we were in for a very poor report, and as a result today’s report is certainly encouraging,”

"The sudden rise in initial jobless claims has raised concerns about the health of the U.S. labor market,"

“Today’s employment report certainly wasn’t perfect, but it was a step in the right direction, reinforcing the idea that the economy continues to expand at a moderate pace,”

Crude Slide 15% On The week

Crude futures plummeted again today, as the greenback rallied amid unsubstantiated rumors that Greece could leave the euro zone. After exploring the black briefly in early trading, June-dated gold futures reversed course to end $2.62, or 2.6%, lower at $97.18 per barrel. For the week, the front-month contract surrendered $16.75, or 15%, marking black gold's biggest weekly dollar drop on record.

ANALYSTIC QUOTES

"This doesn’t look like a short term dip" for commodities, said a market strategist. As prices have fallen "you’ve seen that sector get hammered."

"We continue to believe that the oil supply-demand fundamentals will tighten further over the course of this year."

"We may slip below $100 a barrel, but I would think it will be short-lived."

"A price at between $90 an $100 per barrel is good for OPEC members."

HAPPY WEEKEND