May 7, 2021

Disappointing Jobs Report And Record Highs

Disappointing Jobs Report And Record Highs
Disappointing Jobs Report And Record Highs

The S&P 500 and DOW jumped to record levels on Friday despite a disappointing April jobs report. The Labor Department said nonfarm payrolls increased by just 266,000 in April, far less than the 1 million total economists were expecting, according to Dow Jones. The unemployment rate rose to 6.1% last month amid an escalating shortage of available workers, higher than an expectation of 5.8%. Meanwhile, March’s originally estimated total of 916,000 was revised down to 770,000.

As the market came to a close on Friday, the S&P 500 climbed +0.7% to 4,232.60, hitting a record high. The DOW rose 229.23 points or +0.7%, to 34,777.76 to reach another closing high, and the NASDAQ jumped +0.9% to 13,752.24.

On a weekly level, the DOW rallied +2.7% to break a two-week losing streak. The S&P 500 gained +1.2%, and the NASDAQ shed -1.5% this week, triggering a red weekly Trade Triangle indicating that a sidelines position could be in order for the tech-heavy index and the tech sector overall.

Gold, crude oil, and Bitcoin all posted weekly gains of +3.6%, +2.0%, and +.28%, respectively, while the US dollar fell -1.1%, suffering most of that loss on Friday where it lost -.76% on the day.

Key Levels To Watch Next Week:

Every Success,
Jeremy Lutz
INO.com and MarketClub.com