Big beat on jobs report, here's how stocks react

A service technician grinds temporary spot welds while working on an exhaust manifold for a John Deere tractor at Klein Equipment, a John Deere dealership, in Galesburg, Illinois.
Daniel Acker | Bloomberg | Getty Images
A service technician grinds temporary spot welds while working on an exhaust manifold for a John Deere tractor at Klein Equipment, a John Deere dealership, in Galesburg, Illinois.

Wow! Nonfarm payrolls were up 321,000 in November, the biggest gain since January 2012. There were also large revisions upward in prior months.

S&P futures jumped 2, then dropped down 5 as the "economy is getting better" crowd fought the "Fed will tighten sooner" crowd.

This is a big beat. Nonfarm payrolls beating consensus by more than 80,000 jobs on the plus side are fairly rare. It's only happened ten times since 2004, according to our partners at Kensho.

Read MoreStrong jobs report give Fed green light: Analysts

The S&P 500 was positive seven of those 10 trading days (70 percent), with an average return of 0.47 percent.

The best performing sector in the S&P on these days—far and away—has been Financials, with an average percent return on those 10 days of 1.4 percent. However, that sector only traded up 60 percent of the time, but had several years where Financials rocketed up on that day.

For example, on May 7, 2009, Financials were up 7.4 percent, another day when Nonfarm Payrolls exceeded expectations by more than 80,000 jobs. That was also the day Fed Chairman Ben Bernanke gave a speech at the Federal Reserve in Chicago on lessons from the financial crisis, which may have also influenced Financials.

The most consistent outperformer on those 10 days were Industrials, which were up 90 percent of the time, for an average gain of 1.0 percent.

That sounds like the most consistent bet.

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  • Bob Pisani

    A CNBC reporter since 1990, Bob Pisani covers Wall Street from the floor of the New York Stock Exchange.

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