Friends
A better than expected jobs number and silence from the President and Elon Musk helped fuel a nice rally in stocks today. The market averages moved higher on the release of the non-farm payroll number showing that 139,000 new jobs were created in May, a better number than Wednesday’s ADP number forewarned. The unemployment rate came in at 4.2% as expected.
As for stocks, by the close the Dow Jones Industrial Average was up 443 points to finish the day at 42,762. The S&P 500 was up 61 points to close at 6,000. The Nasdaq Composite Index was up 231 points to close at 19,529. Gold was down $40 to trade at $3,334 per ounce, while oil was up $1.26 to trade at $64.62 per barrel WTI.
The jobs number probably keeps the Fed on hold for a while. They are still concerned about the possibility of an uptick in inflation in the second half of the year. In the meantime, we’ll marinate some ice cubes and get ready to be back at it next week.
Have a great weekend everyone.
