Friends
The jobs report came in a little better than expected with 199,000 new jobs created in November and the unemployment rate falling to 3.7%. Average hourly wages are running at 4% year over year and the participation rate continues to rise. All this good news put some pressure on bonds as yields rose while prices fell. Stocks didn’t really know how to react but as the trading session wore on prices moved nicely higher.
By the close, the Dow Jones Industrial Average was up 130 points to finish the day at 36,247. The S&P 500 was up 18 points to close at 4,604. The Nasdaq Composite Index was up 63 points to close at 14,403. Gold was down $28 to trade at $2,018 per ounce, while oil was up $1.86 to trade at $71.20 per barrel WTI.
The economy, which was supposed to be in recession for the past year and a half, continues to hang in there. Jobs are plentiful and folks are still spending money. Are there problems? Of course, there are. There always are. Market participants are sniffing out that the Fed will be lowering rates next year at some point and it could be for all the right reasons. it’s been an odd year for investors, but particularly for the bears. Let’s see if the bulls can keep up the momentum into year end.
Have a great weekend everyone.
