Friends
Today’s jobs number was a little better than expected with more jobs being created than thought and the unemployment rate falling to 10.2%. Since this nightmare has begun we have lost 22 million jobs and have now recovered about 9 million of those jobs. Though still horrific, we’ll take that as a win today. Even with the darlings (Gold, Apple, Amazon, Microsoft and Google) taking a break, stocks forged higher in a grinding fashion today. Yes, indeed, we did have some broadening out today, as while the recent favorites saw some profit taking, laggards saw some money flow their way. As we have said, we would like to see the market broaden out a bit, but we will likely need the Covid-19 situation to get better (it appears that things are trending a little better in the South), which would provide the reopening stocks some support.
As for today, by the close the Dow Jones Industrial Average was up 46 points to finish the day at 27,433. The S&P 500 was up 2 points to close at 3,351. Gold was down $25 to trade at $2,043 per ounce, while oil was down $.42 to trade at $41.53 per barrel WTI.
It was a good week for the bulls, despite the lack of any really good headline news. Hopefully, we are on the path to getting the Covid-19 situation under better control, but as has been the case, that is a very fluid situation. We are basically done with earnings season, and all in all it was better than expected. Let’s get some rest and get back at it next week.
Have a great weekend everyone.
