Stocks hit record intraday highs and closed at record highs on Friday, with the S&P 500 and DOW closing higher for the second straight week as traders shook off a disappointing U.S. jobs report. The NASDAQ was able to make it three weeks in a row with a weekly gain.
The DOW closed higher by 248.74 points or +0.8%, at 30,218.26. The S&P 500 gained +0.9% to end the day at 3,699.12, and the NASDAQ advanced +0.7% to 12,464.23.
On a weekly level, the S&P 500 posted a weekly gain of +1.6%, while the DOW gained +1%, and the NASDAQ led the three indexes with a gain of +2%.
The U.S. economy added 245,000 jobs in November. That’s well below a Dow Jones consensus estimate of 440,000. The unemployment rate, however, matched expectations by falling to 6.7% from 6.9%.
Although disappointing, the stock market took the news positively because it could pressure lawmakers to move forward with additional fiscal stimulus as COVID-19 continues to put pressure on the American workforce.
Senate Minority Leader Chuck Schumer tweeted the report “report shows the need for strong, urgent emergency relief is more important than ever.”
President-elect Joe Biden also called for more stimulus, noting Friday’s report foreshadows a “dark winter.” Biden later said it “would be better if they had the $1,200 stimulus checks”, and that he understands “that may still be in play.”