Stocks eked out a gain Friday after a rocky session as investors juggled a disappointing jobs report and some analyst upgrades.
Still, all three indexes pulled off gains for the week: The Dow ended up about 300 points, or roughly 3 percent, from where it ended last week.
The Labor Department said employers cut 190,000 jobs in October and the unemployment rate
jumped to 10.2 percent, its highest level in more than 26 years. Economists had expected to see a job loss of 175,000 and unemployment rate of 9.9 percent.
So, is this the bottom or are we double dipping?
Strategy Session with the Fast Money Traders
Today's market rose in spite of the unemployment numbers. It's a sign the bull market is back, Karen Finerman says. Tim Seymour also is positive on the stability of the markets, saying the bulk of the week's data was outstanding. I think the uncertainty from earlier in the week has been reversed, he says.
Guy Adami, however, says the unemployment was a disaster any way you slice it, and with productivity at a five-year high, companies won't be hiring any time soon. And consumer sentiment also could take a hit, marking a potential spending drawback.
It's a jobless recovery, Pete Najarian says. The unemployment numbers next month will likely climb, but as long as increased unemployment is factored into the market, he says stocks will continue to climb. Fear seems to be gone from the market, though. Now, volatility, is based solely on the expectation of market movement, he says.
What's the trade?
Steve Cortes, Veracruz LLC founder says retail stocks are due for a pullback based in part on unemployment. Specifically, he's watching at employment stocks — staffing stocks, online job sites — things like Monster , Manpower.