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%)

MAJOR PAPERS:

• According to Barron's Online's (subscription required) "Inside Scoop" column, Blockbuster Inc (NYSE: BBI) CEO James Keyes purchased 679,250 class A shares on Monday at an average price of $4.42 per share.
• The Financial Times (subscription required) reported that Nortel Networks Corporation (NYSE: NT) is open to acquiring companies.

• The New York Times reported that British mining company Anglo American plc (NASDAQ: AAUKD) is going to begin the process of selling Tarmac, with possible buyers including Orascom Construction Industries, Lafarge Coppee (NYSE: LR), and Cemex (NYSE: CX).
• From BusinessWeek's "Inside Wall Street" column:
• UAL Corporation's (NASDAQ: UAUA) stock has soared to around $44 from $21 in February 2007, and Daniel McKenzie of Credit Suisse believes UAL is a potential private equity play.
• USA Technologies Inc (NASDAQ: USAT) is the largest maker of the e-port devices that enable vending machines selling soft drinks, snacks, and laundry products to accept plastic, and the company has only begun to penetrate the market, according to CEO George Jensen.
• SemBiosys Genetics, which trades in Toronto under the symbol SBS, is developing a way to make insulin from safflower.