Friends
Just as with Wednesday’s ADP private payroll number, today’s government non-farm payroll number was much better than originally expected (though analysts had upped their predictions after the ADP release). 227,000 new jobs were created in January which beat the consensus estimate of 175,000 by quite a bit. Stocks reacted positively to the number, as well as to the potential roll back of some Dodd-Frank regulations, as the Dow rallied back above 20,000 led by financial shares.
By the close, the Dow Jones Industrial Average was up 186 points to finish the day at 20,071. The S&P 500 was up 16 points to close at 2,297. Gold was up a fraction to trade at $1,220 per ounce, while oil was up $.26 to trade at $53.80 per barrel WTI.
The first days of the Trump administration has been seen a whirlwind of activity. It’s hard to believe that this pace could continue, given that actual legislation tends to get bogged down in the details, but nevertheless the amount that is getting done (for better or worse depending on your political leanings) is amazing. I can’t wait to see what is in store for us next week. Earnings season is winding down and the FOMC meeting is behind us, so politics will likely carry the day. Stay tuned.
Have a great weekend everyone, and enjoy the Super Bowl.
