Bear Trap! Markets Whipsaw, Crash Cancelled

Friday morning, the February jobs report gave markets some much-needed good news.

The economy added 379,000 new jobs compared to the 200,000 expected. The unemployment rate fell to 6.2%, the lowest point since last February.

Futures rallied on the news. All three major indexes opened in positive territory, up about 1%.

But after the open, the markets began falling. The Nasdaq Composite traded down more than 2.5% in the first two hours. A decline of 3.5% off its opening highs. The Dow Jones Industrial Average and S&P 500 gave up early gains and fell into negative territory too.

But the bulls didn’t give up the fight. Just before noon, the markets began to rally.

At writing the S&P 500 is leading the way, trading up 1.8% on the day. The Nasdaq, which was down the most near midday, is trailing the rally up about 1.5%.

Friday will close a volatile week for the stock market. The Nasdaq entered correction territory and has swung more than 7% over the course of today’s choppy session.

The S&P 500 is currently less than 3% off of all-time record highs.

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