Hello traders everywhere. As we head into the Friday close, the S&P 500 and NASDAQ are trading at record high levels and looking to close at record highs for the week getting a boost from a better than expected jobs number for October. The S&P, DOW, and NASDAQ will all post weekly gains over +1%.
The U.S. economy added 128,000 jobs in October, the Labor Department said Friday. Economists polled by Dow Jones expected a gain of 75,000 jobs for the previous month. October jobs growth easily beat estimates despite a decline of 42,000 jobs in the autos sector due to a General Motors strike that has now been settled.
Jobs growth data for September and August were also revised substantially higher. September's number was revised up to 180,000 from 136,000. August's job growth was revised to 219,000 from 168,000.
On the trade front, U.S. Commerce Secretary Wilbur Ross said the initial "phase one" trade pact with China appears to be in good shape and is likely to be signed around mid-November, although a finite date is still in question.
Key Levels To Watch Next Week:
- S&P 500 (CME:SP500): 2,962.94
- Dow (INDEX:DJI): 26,714.34
- NASDAQ (NASDAQ:COMP): 8,036.41
- U.S. Dollar (ICE:DX): 98.64
- Gold (NYMEX:GC.Z19): 1,496.00
- Crude Oil (NYMEX:CL.Z19): 54.07
- Bitcoin (BITCOIN:BITSTAMPUSD): 7,293.55