Friends
The non-farm payroll number came in a little hotter than expected with 263,000 jobs created in November vs. the 200,000 estimates. Average hourly earnings also came in a littler hotter than expected and the unemployment rate remained at 3.7%. Of course, good news (more jobs and higher wages) is bad news these days with regards to stocks and the market averages plunged at the open. But as the trading session wore on the bulls were able to erase almost all of the losses confounding the bears altogether.
By the close, the Dow Jones Industrial Average was up 34 points to finish the day at 34,429. The S&P 500 was down 4 points to close at 4,071. The Nasdaq Composite Index was down 20 points to close at 11,461. Gold was down $3 to trade at $1,811 per ounce, while oil was down $1.11 to trade at $80.11 per barrel WTI.
It was a wild ride for stocks this week but in the end the bulls have to feel good about things. The bears had every chance in the world to drive share prices lower, but the bulls are putting up a battle as we near the end of the year. Buckle up, it could be a bumpy ride through Christmas.
Have a great weekend everyone.
