Disappointing Jobs Report Doesn't Stop Record Run

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."

Key Levels To Watch Next Week:

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

3 thoughts on “Disappointing Jobs Report Doesn't Stop Record Run

  1. The Principal of human dignity, The Basic concept in the Declaration of Independence, “ We Hold these Truths to be Self Evident, all men are created equal, etc. Character Based Ethics, The Golden Rule versus the Personality Ethics breaks down and cannot support timeless Traditions built to outlast Presidents. The Constitution is a Timeless Act above anyone.

    Trump stands for everything against our Tradition, our rights, to vote, Fairness, and he continually shows the world how is tries to break Tradition with a New Paradigm that is built on Sand. Trump is not the Sun, he is not the center of the Universe. To think he is should send you back to realize how you see the problem is the problem, “ Covey “ 7 Habits

  2. Biden is NOT "President Elect". There are still a significant number of lawsuits going forward due to the incredibly fraudulent election we've just had.

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