Stock market today, February 6, 2015: U.S. stock futures for Friday, Feb. 6, showed a 7-point increase from yesterday's close. The Dow Jones added 212 points Thursday on rising oil prices and news that Pfizer Inc. (NYSE: PFE) will purchase Hospira Inc. (NYSE: HSP) for $17 billion, or $90 per share.
This morning, investors will look past gloomy European economic data and focus on earnings reports and the U.S. jobs report.
The good news: at 8:30 a.m., the Bureau of Labor Statistics announced the U.S. created approximately 257,000 jobs, handily topping consensus expectations of 234,000. The bad news: the unemployment rate in January unexpectedly climbed from 5.6% to 5.7%.
Here's what else you should know about the stock market today - including your "Money Morning Tip of the Day" - to make it a profitable Friday:
Oil Prices Today: Crude oil prices were up again this morning, with bulls hoping that crude can hold on for a second-straight weekly gain. This morning, March 2015 WTI crude futures were up a little more than 2.1%, hovering near $51.57 per barrel. Meanwhile, Brent crude, priced in London, jumped more than 2.2% to hit $57.84 per barrel.
Full U.S. Economic Calendar February 6, 2015 (NYSE: all times EST)
Money Morning Tip of the Day: Oil prices will continue to be volatile in the near term. But eventually they'll turn and run even higher...
Crude oil is struggling to find its bottom. Prices surged 19% within the span of four trading sessions ending Tuesday, only to fall nearly 9% Wednesday. Then yesterday oil prices rebounded from Wednesday's losses to rise 4%.
At some point, oil prices will finally bottom, stabilize, and rally even higher. And Money Morning Global Energy Strategist Dr. Kent Moors believes that process may already be underway.
As Moors told Money Morning Executive Editor Bill Patalon earlier this week, the bottom is forming because low crude prices have forced U.S. producers to put the brakes on projects. They're delaying more expensive forward projects. They're also taking drilling rigs offline.
But demand will continue to climb, which means "as future supply gluts are pared, the upside for selected operating companies will improve," according to Moors.
Moors doesn't see a return of triple-digit prices anytime soon. But "a range in the mid $50s per barrel will translate into some nice profits for companies already controlling ongoing drilling locations in established basins."
Moors shared his latest pick for profiting from oil's rebound in Bill Patalon's Private Briefing. Get it here: Why "Black Gold" + "The Blue Oval" = Money in the Bank