Yet another catastrophic employment report heightened the pitch of concern over the economic outlook and is forcing the immediate response of policy makers. Hopes that the government will rescue the banking system and quickly stimulate the economy shifted the focus away from the troubles of the present and toward the future, pushing the Dow industrials 2.7 percent higher and back near 8,300. The S&P 500 also gained 2.7 percent to end at 868.60.
The movement away from safety pulled money out of Treasuries and the dollar. Treasury yields are at 0.27 percent for the 3-month bill and 3.69 percent for the 30-year bond. The dollar fell back a cent against the euro to $1.2934.
Oil isn't reacting to the stock market as it used to. The March contract held within its tight range ending just over $40 once again. Money stayed in gold which was little changed at $913.80.