Domestic stocks bounced back on Thursday and the major market averages ended the holiday-shortened week in positive territory. Telecom names led the way higher, while technology stocks lagged. Elsewhere, the yield on the benchmark 10-year U.S. Treasury note bounced back more than five basis points, to 1.911%
While the U.S. markets are closed tomorrow for the Good Friday holiday, investors will still be keeping a close eye on the March jobs data, due out at 8:30 a.m. ET. Economists are calling for the addition of 245,000 nonfarm payrolls and the unemployment rate to remain at 5.5%. Check back tomorrow morning, as Real Money will be open for business with reactions to the report
Looking ahead to next week, Alcoa (AA) kicks off the first-quarter earnings season after the close of trading on Wednesday. According to S&P Capital IQ, S&P 500 aggregate earnings are expected to decline 3% year-over-year in the first quarter. This marks the first decline since the third quarter of 2009 and is clearly being affected by the stronger U.S. dollar.
The financial sector is expected to show the best growth in the period, followed by health care and consumer discretionary names. Not surprisingly, the energy sector will be a major drag on the overall figure.
For readers who enjoy some extra volatility during earnings season, the folks at Bespoke Investment Group have reported that technology names show the most volatility following an earnings report, followed by consumer discretionary and health care stocks. As for the most volatile individual name, it's Groupon (GRPN), with an average 17% absolute change.
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