Friends
Today’s jobs number was a disappointment as only 138,000 new jobs were created in May. The market had expected a better number, especially after the better than expected ADP private payroll number that we got yesterday. The bond market acted accordingly with rates falling (prices rising), and one may have expected stocks to sell off. On the contrary. The bulls continued to charge sending the market averages to new highs. Once again, it would seem that the bond market is predicting something quite different than the stock market.
By the close, the Dow Jones Industrial Average was up 62 points to finish the day at 21,206. The S&P 500 was up 9 points to close at 2,439. Gold was up $11 to trade at $1,281 per ounce, while oil was down $.62 to trade at $47.74 per barrel WTI.
Despite the mixed economic messages the bulls are still pushing stocks higher. As we mentioned, corporate profits have been good, but there sure has been enough other noise to distract market participants. Regardless, we find ourselves at all-time highs as we work our way into the dog days of summer.
Have a great weekend everyone.
