US stock futures are higher Friday morning after Greece delivered on its crucial debt swap with private creditors. Participation was high enough to trigger collective action clauses, ironing out the final stumbling block before the debt-riddled country can receive its second bailout package.
Also, the US added 227,000 jobs in February, while December and January numbers were revised up by a combined 61,000 jobs. The unemployment rate stayed steady at 8.3%. The non-farm payrolls number came in higher than expected, and reinforces the idea that the US economy is gaining steam.
Stocks fell sharply at the beginning of the week, but once again showed resilience in 2012 by erasing those gains in only two days. With today’s up open it will be interesting to see how far this snap back can take us. It would be natural to see some consolidation at these upper levels again before we potentially break to new highs.
Disclosures: Scott Redler is long LNKD, DNKN, YNDX. Short SPY.