Friends
We had another stellar jobs report this morning which helped fuel a nice rally in stocks (how about that, good news was good news). We saw 263,000 new jobs created in April which was better than expected and we saw the unemployment rate fall to 3.6%. Average hourly wages were up 0.2% for the month and 3.2% year over year. Perhaps this kind of strong economic data coupled with a better than expected earnings season will calm the nerves of those market participants who continue to beg for the Fed to lower interest rates. Then again, addicts are addicts.
As for stocks, by the close the Dow Jones Industrial Average was up 196 points to finish the day at 26,504. The S&P 500 was up 28 points to close at 2,945. Gold was up $8 to trade at $1,280 per ounce, while oil was up $.19 to trade at $62.00 per barrel WTI.
We have stocks at or near all-time highs, low interest rates, wages slowly climbing, muted inflation, unemployment at the lowest it’s been since 1969, and GDP at more than 3%. I know the Fed is everyone’s whipping boy, but maybe we can all agree that things are pretty good and maybe, just maybe, the Fed’s monetary policies have been somewhat successful. I know, I’m crazy.
Have a great weekend everyone and enjoy the Derby.
