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Investors have waited for years for economic growth to get fully up to speed. Yet, although today's employment data pointed to consistent gains in jobs, they nevertheless aren't showing an accelerating economy. That's not ideal for those out of work, but for investors hoping that the Federal Reserve won't turn off its stimulative measures, it was enough to push the S&P 500 (SNPINDEX: ^GSPC ) to its best closing level in five years. The Dow Jones Industrials (DJINDICES: ^DJI ) posted a more modest gain of 44 points.
Within the Dow, Alcoa (NYSE: AA ) led the list of gainers, with a rise of more than 2%. Everyone's looking forward to the aluminum giant's earnings release next Tuesday, as it marks the official opening of earnings season. But, given that the stock's big move higher this week has hinged on future expectations of better business conditions ahead, the key thing to focus on from Alcoa's quarterly report is any commentary that management provides guiding expectations for the current quarter and the rest of 2013.
Beyond the Dow, Sirius XM Radio (NASDAQ: SIRI ) rose to another multi-year high, as the FCC approved the transfer of its licenses to Liberty Media. The move is an essential step in what many see as Liberty's long-range plan to acquire majority control of the satellite radio company, and then spin off its holdings to Liberty shareholders.
Finally, SUPERVALU (NYSE: SVU ) soared 13.5% on news that private equity company Cerberus may be close to buying part of the grocery chain. Cerberus didn't comment, but reports suggest that the firm might make an investment in SUPERVALU shares, as well as plucking certain assets out of the company outright.
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