Stocks Jump As More Leaders Break Out

Stocks strode ahead confidently Friday, and a handful of breakouts added to the bullish tone.

The NYSE composite added 1.6%, the Nasdaq 1.5%, the S&P 500 1.4% and the Dow 1.2%.

Volume rose 10% on the Nasdaq and the NYSE, solidifying the day's gains.

Friday's advance served as a shot in the arm for the market, which had been sluggish after a follow-through a week ago.

The Nasdaq — which is leading the new market uptrend — made a fresh closing high for the year.

Some nervousness preceded Friday's session as investors awaited the government numbers on nonfarm payrolls and the unemployment rate.

About an hour before the open, the Street got the report.

Employers cut fewer jobs than expected in February, and the unemployment rate remained unchanged. Analysts had expected the jobless rate to edge up.

The details left plenty of room to parse meaning. Bulls could point to employment in retail and manufacturing, both of which were unchanged. Bears could emphasize that the only sectors adding jobs were temporary help services and the federal government.

As usual, the market itself decided the dispute, siding with the bulls on this occasion.

Of the industry groups, nearly all rose. The leisure products group was the top gainer, with several of its members rising 4% to 6%.

Building, retail, technology and metals rounded out the leaders.

Apart from those solid gains, another potential plus is developing in the background.

A few highly rated stocks formed bases during the correction that undercut previous bases. That resets the base count, meaning they are now first-stage patterns. A first-stage base is more likely to work than later bases.

posted 05:15 PM ET

Stocks chopped around for the past three sessions, but finished decisively high Friday, thanks to a jobs report that showed that the labor market is on the mend.

The NYSE composite climbed 1.6%, closing at its best level since Jan. 20. The Nasdaq passed its January peak, gaining 1.5% to touch its highest level since September 2008. The S&P 500 and Dow rose 1.4% and 1.2%, respectively.

Volume climbed on both exchanges.

Before the open, the Labor Department said employers cut far fewer jobs in February than economists had expected. The unemployment rate held steady at 9.7%.

For the week, the Nasdaq and NYSE composite surged 3.9% and 3.6%, respectively. Both put in their best weekly performance of the year. The S&P 500 gained 3.1%, while the Dow added 2.3%.