Friends
We had a version of bad news is good news today with the non-farm payroll number coming in at 266,000 new jobs created in April instead of the more than 1 million forecasted (some whisper numbers were as high as 1.5 million). So, instead of the Fed having to deal with an overheating job/economic situation, the narrative today was that the disappointing jobs number gives the Fed cover on its continuing dovish stance. The bulls kind of like an accommodating Fed.
As for today, by the close the Dow Jones Industrial Average was up 229 points to finish the day at 34,777. The S&P 500 was up 30 points to close at 4,232. The Nasdaq Composite Index was up 119 points to close at 13,752. Gold was up $17 to trade at $1,833 per ounce, while oil was up $.03 to trade at $64.74 per barrel WTI.
Though somewhat inconsistent, it still was a good week for the markets. Vaccines appear to be working as we see fewer and fewer cases being reported in the U.S. and other countries that have been successful getting much of their population vaccinated (see Israel). At this rate we could see a much more “normal” situation by summer. Let’s hope.
Have a great weekend everyone.
