How Gold Is Mined: STOCKS SOAR AFTER PERFECT JOBS REPORT: Here's What You Need To Know (SPY, DIA)

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roaring lion REUTERS/Jaime Saldarriaga

Good afternoon, stocks posted big gains on a solid jobs report. Here's what you need to know.

First the scoreboard:

Dow: 15,253.57, +212.95 pts, +1.42%

S&P500: 1,644.40, +21.84 pts, +1.35%

NASDAQ: 3,470.87, +46.81 pts, +1.37%

The U.S. added 175,000 non-farm payrolls in May, while the unemployment rate ticked higher to 7.6%, and the labor force participation rate 63.4%. Analysts had expected 163,000 payrolls. Our Joe Weisenthal said it was the perfect print for markets: more jobs added, but no major change in unemployment that would force the Fed's hand on QE.Manufacturing jobs saw their fourth-straight month of declines and have basically plateaued for the past year.The jobs report caused Yen values to fall to as much as ¥97 against the dollar. Nikkei 225 futures also spiked on the release.And the report sent gold and Treasuries downward. The yellow metal declined as much as -2.45%, while yields on the 10-year note swung up by 3.62%. Consumer credit expanded $11.06 billion in April, a 4.7% year-over-year gain, missing expectations. Economists were looking for a $12.9 billion advance.Treasury bond funds saw their biggest outflows ever this week, as $2.6 billion, or 0.9% of assets under management, got turned over. Bond funds as a whole saw their second biggest weekly outflows since October 2008, with $12.5 billion in redemptions.A spike in Shibor rates has people worried about a credit crunch in China. The overnight Shibor, or the Shanghai interbank offered rate, surged to 8.29% on June 7, from 5.98% on June 6. The seven-day Shibor rose to 6.66%, from 5.14%.The Wall Street Journal reported George Soros is back in Japanese stocks. He'd sold off much of his position in May.A major nuclear power plant in California will be decommissioned, which is likely to cause major headaches for south/southwest customers. Electricity prices had already gone up after the San Onofre's operations were suspended last year. President Obama called reports of the continuation of the NSA's vast phone data collection system "hype." "Nobody's listening to the content of people's phone calls," he said.

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