Friends
After yesterday’s reversal in stocks, all eyes were on this morning’s jobs report. 164,000 new jobs were created in April which was a little less than expected, but the unemployment rate fell to 3.9%- which was the headline, and the monthly and year over year average hourly earnings number was muted. Traders seemed uninspired by the report and stocks drifted lower at the opening. But, like yesterday, stocks reversed course and head higher, building strength through midday. From yesterday’s low’s we saw a nearly 800 point move in the Dow to the upside.
By the close, the Dow Jones Industrial Average was up 332 points to finish the day at 24,262. The S&P 500 was up 33 points to close at 2,663. Gold was up $2 to trade at $1,314 per ounce, while oil was up $1.30 to trade at $69.73 per barrel WTI.
This is the third time stocks have come down to test the February lows and the 200 day moving average. Is the third time a charm? Perhaps, but the fact remains that stocks have not responded well to good corporate earnings. Apple responded positively today to the news that Warren Buffet’s Berkshire Hathaway has increased its stake in the blue chip behemoth, but for the most part this earnings season has been a challenge. Let’s see if the bulls can add to the little bit of momentum that we might have gained over the past session and a half. We’ll be back with you next week.
Have a great weekend everyone.
