Stocks snapped a 5-session losing streak, driven higher by better economic news, and minutes from the most recent Fed meeting that confirmed it was in no hurry to raise rates. Bobbi Rebell reports.
Strong jobs data and gains in European stocks fueled a sharp rebound on Wall Street. The Dow staged a triple digit rally as stocks snapped their five session losing streak. Minutes from the most recent Fed meeting showed while policy makers remain on track to raise rates, the pace is likely to be measured. Private employers in the U.S. added more jobs than expected last month, and that bodes well for the Labor Department's jobs report due out Friday. Nuveen Asset Management chief equity strategist Bob Doll predicts investors will shake off the skepticism and turn bullish this year. SOUNDBITE: BOB DOLL, CHIEF EQUITY STRATEGIST, NUVEEN ASSET MANAGEMENT (ENGLISH) SAYING: "As investors more of them working and seeing their neighbors work and maybe they get wage rate increases, that coupled with lower oil prices, more money left over after I fill my gas tank with gasoline, all that contributes to a better attitude. It's not an event. It's a process. It started in 2014. Consumer confidence is already picking up. I think that continues in 2015." Keurig Green Mountain's high-flying stock bubbled up. It was the top gainers on the S&P 500. The coffee pod maker signed a deal with Dr Pepper Snapple to sell capsules that'll make sodas in Keurig's new cold drink machine, according to the Wall Street Journal. Apple's headphones making unit, Beats Electronics, got sued. Audio equipment maker Monster contends that Beats had fraudulently gained control of the rights to the "Beats by Dr. Dre: headphones that the two companies had jointly developed. J.C. Penney shares surged. Investors piled into shares of the department store operator after it reported strong same-store sales and issued a bullish outlook. It was the first major retailer to issue results for the holiday season. Another struggling retailer, Wet Seal, also shot higher. It laid off thousands of employees and closed hundreds of stores. Dow stock Boeing climbed after reporting it an industry record setting 723 jetliners last year, holding onto its status as the world's largest plane maker. But a source says Airbus beat it on new orders. Across the pond, retail stocks rallied, and hopes that the ECB would take action to stem deflation concerns helped European shares stem a three-day slide.