Stocks Rally, Despite Terrible Jobs Report

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Man, this is incredible. We have just come off the worst jobs miss anyone can remember and the market has done nothing but go up. On Friday morning, right after the open, the S&P 500 was at 1,540...we ended today at 1,562, up 1.5 percent in two days.

And the Dow Transports have done even better, up 3.6 percent since the bottom on Friday.

I know: the Fedis backstopping everything, and there's no where else to put money. It's become the lullaby of the market.

But it's also clear that even with the jobs disappointment, we are the least bad option in developed markets (at least we are growing), and the Fed pump will not slow down.

But you have to admit: it's a pretty strange market. Schizoid, even. As one trader noted, one day Consumer Staples are leading, the next it's growth, the next it's tech.

But leaders continue to fall: first Caterpillar (CAT), then Google (GOOG), now Johnson & Johnson (JNJ) on a downgrade at JPMorgan (JPM).

By CNBC's Bob Pisani

  • 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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