Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action news and analysis.

Good afternoon, today is Friday, October 6th, and I I'm your host Kim Khan. Our top story so far

The Bureau of Labor Statistics dropped a hammer on the markets, but the stock and bond buyers responded

with vigor. September non-form preyworld is rocketed up by 336,000.

It's the biggest monthly gain since January and double what economists predicted.

The unemployment rate stayed steady at 3.8%.

Janies Gie Labah says this is yet one more data point consistent with the productivity

boom. The strong jobs number initially sparked a surge in Treasury yields with the

bond market jittery about strong data

keeping the Fed in a higher for longer mode. Those gains and rates kick the chair

out from under stocks. In terms of market reaction, right as the numbers hit,

Hedge Fund Trader Tom Herden simply tweeted,

Gonite.

But as the trading day wore on,

yields have fallen back and stocks have marched into the green.

The 10-year Treasury yield is below 4.8% after nearing its

weekly and cycle high of 4.9%. The S&P 500, which had been down 1% pre-market is up 1%.

Surprisingly, the index didn't challenge its 200 day moving average around 4200.

The NASDAQ is at 1.3% and the Dow is at 1%.

Infotech, industrials are the big winners

with all sectors in the green.

Traders may have been leaning in too much on a strong number,

...