Non-farm payrolls came in higher than analysts' forecasts and the unemployment rate fell to 8.8%. That good news sent the Dow Jones Industrial Average to a new 2011 high. At midday the Dow was up 78 points to 12,397 -- as reported by the Wall Street Journal.

Except for a brief sell-off to the 11,500 level, the market has moved quickly to regain lost ground and is now at new highs. Last week the USDA's crop report was bullish for grains. It's not surprising that Caterpillar (CAT) led the charge, up 1.7%. But there are always some losers. Office Depot (ODP) fell 11% after reporting a fourth quarter loss and Krispy Kreme Doughnuts (KKD), which also had a fourth quarter loss, fell 17%.

• WTI crude was up $3.67 per barrel to $101.67. Brent crude rose $2.10 per barrel to $110.62.
• In the grain market, June wheat futures rose 48-2 cents per bushel to $7.10 per bushel.
• Corn futures were up the 30 cent limit to $6.46 per bushel.

US unemployment claims dropped to their lowest level since October 2008, with 385,000 new claims. The number of continuing claims also fell by 80,000. The headline consumer inflation index rose 0.5%, as expected, while core inflation rose 0.2%, a bit more than the 0.1% that had been forecast. Prices for WTI crude oil rose above $100/barrel again, up more than $3/barrel on fears of more unrest in Bahrain, which is seen by many as a proxy struggle between Iran and Saudi Arabia. Gold prices also rose today, up about $8/ounce to $1,404.00.

Here are the numbers for late afternoon trading today:

Dow Jones 11,774.59 +161.29 (1.39%)
S&P 500 1,273.72 +16.84 (1.34%)
Nasdaq 2,636.05 +19.23 (0.73%)

Stock markets opened a bit higher this morning, but turned south pretty quickly as rising prices for crude oil neared $107/barrel. Then a downgrade of the semiconductor sector from Wells Fargo analysts pushed indexes lower. WTI crude oil settled slightly above $105/barrel for the day, and gold is trading up $7.70, to $1,435.90/ounce. The dollar weakened against all major currencies as well, with the euro at one point rising above $1.40.

Here are the numbers for late afternoon trading today:

Dow Jones 12,090.03 -79.85 (-0.66%)
S&P 500 1,310.13 -11.02 (-0.83%)
Nasdaq 2,745.63 -39.04 (-1.40%)

U.S. stock futures are higher Monday morning as crude oil futures surged above $106 per barrel. Futures on the Dow Jones Industrial Average climbed 37 points to 12,191 and futures on the S&P 500 stock index climbed 4.80 points to 1,325.10. Nasdaq 100 futures rose 12.75 points to 2,372.50.

Positive sentiment ruled the European markets today: STOXX Europe 600 Index has gained 0.61%, London's FTSE 100 Index moved up 0.79%.

The US Department of Labor issued a good report on payroll gains (up 192,000) and unemployment, down a bit to 8.9%. But a downgrade on first-quarter earnings at some large US investment banks weighed on the market. And then of course, there was the jump of more than $2/barrel in the price of crude.

The price for WTI is now at its highest since 2008, at $104.85/barrel on fears that the turmoil in North Africa and the Middle East will get worse. Gold prices have risen as well, by more than $13, to $1,429.70/ounce. The euro broke over $1.40, but has pulled back a little as the US dollar continues to weaken.

Here are the numbers for late afternoon trading today:

Dow Jones 12,169.88 -88.32 (-0.72%)
S&P 500 1,321.15 -9.82 (-0.74%)
Nasdaq 2,784.67 -14.07 (-0.50%)

The markets have put on a strong rally today as a lower number of new jobless claims have set the stage for some strong numbers on employment, due tomorrow from the US Department of Labor. The median estimate on non-farm payroll employment is a gain of 185,000 jobs. Retail sales reports for February were mostly higher as well, adding a bit more impetus to stocks.

The other, bigger driver was crude oil, which fell sharply to just more than $100/barrel at noon, but then turned back higher, most likely on dollar weakness. The US dollar managed to stave off a euro run at $1.40, but that level is definitely in danger. Gold gave back some of yesterday's gains, finishing down at $1,416.00, off about 1.5%.

Here are the numbers for late afternoon trading today:

Dow Jones 12,258.20 +191.40 (1.59%)
S&P 500 1,330.97 +22.53 (1.72%)
Nasdaq 2,798.74 +50.67 (1.84%)

Here are the numbers for late afternoon trading today:

Dow Jones 12,066.80 +8.78 (0.07%)
S&P 500 1,308.44 +2.11 (0.16%)
Nasdaq 2,748.07 +10.66 (0.39%)

Positive earnings reports have pushed the major stock indexes to levels not seen in more than two years -- and today's market is continuing along the same path. Recent political unrest in Bahrain, Yemen, and Libya has not had an impact yet on equities, but there could be added political risk to the supply of oil from the Middle East. Oil prices are up above $87/barrel again, and gold is nearing $1,400/ounce again. Currency markets are bullish on the euro and the British pound, with the dollar giving up some power on expectations of interest rate hikes in both the UK and the Eurozone.

Here are the numbers for late afternoon trading today:

Dow Jones 12,391.25 +73.11 (0.59%)
S&P 500 1,343.01 +2.58 (0.19%)
Nasdaq 2,833.95 +2.37 (0.08%)