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Stock Market Surges On Jobs Report; Apple Stock Gains

The major stock indexes rallied in today’s stock market after Friday morning’s jobs report showed the U.S. economy added 312,000 jobs in December, well-above estimates for a 180,000 gain. Meanwhile, average hourly wages grew 3.2%, the best gain since 2009. Investors will shift their attention to Fed Chair Powell who will join a panel at an American Economic Association conference at 10:15 a.m. ET. The Dow Jones industrials jumped more than 600 points, nearly 3%.





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The tech-heavy Nasdaq composite advanced more than 3% in early morning trade. Meanwhile, the S&P 500 index gained 2.8%. (For updates on this story and other market coverage, visit the Stock Market Today page.)

Stock market giants Apple (AAPL), Netflix (NFLX) and Amazon.com (AMZN) were sharply higher at the stock market open. All three gained at least 2%. Meanwhile, software star Twilio (TWLO) surged on new analyst coverage.

Major Stock Indexes Reverse Weekly Losses

The major indexes sold off Thursday amid Apple’s earnings warning and signs of slowing economic growth. But the stock market rally early Friday reversed from heavy weekly losses to turn positive. After Friday’s early gains, the major stock indexes were on pace to post slight gains for the week.

Despite Thursday’s sell-off, investors should still be on the lookout for a follow-through day, which could happen at any time. The follow-through day gives investors the necessary signal to begin buying stocks that are breaking out past proper buy points. Check out the Stocks Near A Buy Zone column for potential stock ideas that are currently setting up. But don’t be too aggressive, not all follow-through days are successful and it can take time for meaningful upside progress.

Dow Jones: Intel and Caterpillar Climb

Among the Dow Jones stocks early leaders, Intel (INTC) and Caterpillar (CAT) were top performers. Chipmaker Intel moved up 4%, but remains below its key 50-day line after Thursday’s 5.5% decline. Bank of America Merrill Lynch upgraded Intel stock from neutral to buy.

Caterpillar continues to trade about 30% off its 52-week high. Shares moved up about 3% Friday morning.

Stock Market Leaders Bounce Back

Embattled Dow Jones stock Apple gained more than 3% Friday, a drop in the bucket compared to Thursday’s 10% plunge. Late Wednesday, the iPhone maker slashed its guidance on weak demand for its iPhones.

FANG stocks Amazon.com and Netflix rallied 3.7% and 6%, respectively. Netflix is trying to regain its 50-day moving average line for the first time since mid-October.

Software star Twilio (TWLO) moved up 5% after analyst firm Stephens & Co initiated coverage with an equal-weight rating and a 110 price target. The price target is a 35% premium to Thursday’s closing price. The top stock is a Leaderboard watch list idea, as it tests its 10-week moving average line. IBD’s Leaderboard provides a hand-picked list of leading stocks along with trading plans and market analysis.

IBD 50 Stocks To Watch:

Among the leading growth stocks, software stock Veeva Systems (VEEV) advanced more than 5%, trying to regain its 50-day moving average line.

On the downside, Kirkland Lake Gold (KL) fell 4%, but remains extended from a 23.96 buy point. Shares hit a new high Thursday despite the stock market sell-off.

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