Jim Cramer Breaks Down the Jobs Report and Why Chevron Is Stock of the Day
Jim Cramer's ready to close out the week with some thoughts on the jobs report, which was released Friday morning, and why he and TheStreet's London Bureau Chief, Martin Baccardax, chose Chevron as Real Money's stock of the day.
Jobs Report The U.S. nonfarm payrolls jump to 312,000 in December was well above economists' estimates of 180,000 jobs.
The unemployment rate rose to 3.9%, climbing from a half-century low of 3.7%, while average hourly wages rose to an annual rate of 3.2%.
U.S. Economy Adds 312,000 Jobs In December, Well Above Expectations Chevron Kevin Curran, a reporter for Real Money, wrote about the oil company.
Shares of the San Ramon, California-based energy leader are lurching higher from their bottom on Christmas Eve, fueled by a recovery in oil prices from some of its worst levels in years.
The recovery in Chevron's stock has coincided with a recovery in U.S. crude oil prices, which have risen more than 13% from their bottom of the barrel price of $42.53 on Christmas Eve.
The recovery in global oil prices is aided by firmer production cuts from OPEC.
Analysts are now anticipating a 1.2 million barrel per day production cut from the Saudi-led oil cartel.
The cuts were supplemented by reports from the American Petroleum Institute Thursday that showed U.S. crude stockpiles fell by 4.5 million barrels in the week ending December 21, assuaging anxiety over U.S. manufacturing numbers.