Stocks made big gains by midday Friday after the November jobs report removed most of the uncertainty over whether the Federal Reserve would make a rate move this month. Markets were also rebounding after a steep selloff on Thursday. Energy was the only sector in the red after a sharp decline in crude prices. Commodities were lower on reports OPEC had pushed its oil production ceiling higher. The group has yet to confirm that decision. Barnes & Noble (BKS) tanked after swinging to a quarterly loss in its second quarter. The bookstore chain reported a 4.5% drop in revenue, dragged on by a 32% decline in sales of its Nook e-reader. Norfolk Southern (NSC) fell after rejecting Canadian Pacific's (CP) acquisition offer, calling it 'grossly inadequate.'
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Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Salesforce, Amgen and Honeywell will give a lift to the DJIA going forward.
CAG has hung onto the bulk of its recent gains, and could rise to the $50 area, according to the charts and indicators.