Kensho Stats

Here's the one stock to own now that Friday's jobs report blew past the street

Boeing employees work on the inside of a Boeing 777 at the Boeing Wichita plant.
Larry W. Smith | Getty Images
Boeing employees work on the inside of a Boeing 777 at the Boeing Wichita plant.

January's jobs report blew the doors off the Wall Street consensus estimate when it was released a month ago, boosting the whole market and one Dow Jones industrial average member in particular that day and in the month since: Boeing. The plane maker is up more than 11 percent since that jobs report.

As CNBC PRO pointed out before that better-than-expected report, Boeing had a track record of being the best Dow performer on days when the nonfarm payrolls number exceeds the estimate by a large margin.

With expectations building for another blowout report Friday, CNBC PRO expanded its Kensho search to the whole S&P 500 in order to find more stocks that tend to be good buys when the job market is exceeding expectations.

The last jobs report beat the Street by more than 50,000. Traders don't expect another blockbuster like that, but they wouldn't be surprised, especially after the strong ADP employment report this week, to see another nice number.

(UPDATE: February's nonfarm payrolls rose by 235,000, higher than the 190,000 consensus of economists.)

According to hedge fund analytics tool Kensho, the nonfarm payrolls figure topped the consensus estimate by 20,000 jobs (0.5 standard deviation) on 44 occasions in the last decade. On the day of those reports, here were the top S&P 500 performers, on average:

So Huntington Bancshares is the top performer the day of a better-than-expected number. Check out the other regional banks that made the list as investors bet on a steeper yield curve and increased lending activity for the group.

Boeing proved last month that this Kensho search is not just good for finding a short-term trade, but may also be useful for identifying the stocks most correlated to an improving jobs picture over longer time periods as well.

Disclosure: CNBC's parent NBCUniversal is a minority investor in Kensho.