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Dow jumps more than 200 points to another record as investors look past big jobs miss

Dow jumps more than 200 points to another record as investors look past big jobs miss

5/7/2021 11:19:00 PM

Dow jumps more than 200 points to another record as investors look past big jobs miss

Nonfarm payrolls increased by just 266,000 in April, far less than the 1 million total economists were expecting, according to Dow Jones.

U.S. stocks jumped to record levels on Friday even after a disappointing April jobs report as the weak number made investors believe easy monetary policies that powered the market's historic rebound will stay in place for longer. Some investors also dismissed the report as a one-time blip that doesn't signal any slowdown in the economic recovery.

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The S&P 500 climbed 0.7% to 4,232.60, hitting a record high. The Dow Jones Industrial Average rose 229.23 points, or 0.7%, to 34,777.76 to reach another closing high. The tech-heavy Nasdaq Composite popped 0.9% to 13,752.24.For the week, the Dow rallied 2.7% to break a two-week losing streak. The S&P 500 gained 1.2%, while the Nasdaq Composite shed 1.5% this week.

The Labor Department said nonfarm payrolls increasedby 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.

Investors bet that the big jobs miss could keep the easy policies of the Federal Reserve in place, including record low interest rates and a massive bond-buying program. Tech stocks, which have been winning under the low-rates regime during the pandemic, outperformed after the data release. Microsoft and Tesla both rose more than 1%, while Netflix, Alphabet and Apple all registered gains. Higher rates tend to hit growth stocks the most since they reduce the value of their future earnings.

"The Fed will feel some vindication in their hesitancy to embrace tapering," Adam Crisafulli, founder of Vital Knowledge, said in a note following the jobs report Friday.Bank of America research warned as recently as Fridaythat strong economic data could hit stocks, especially tech shares, if it caused the central bank to dial back on its easy monetary policies.

There were also some investors who believe that April's jobs number was not exactly what it seems."It was a huge surprise," Goldman Sachs chief economist Jan Hatzius saidon CNBC's "Squawk on the Street.""I think that you always have to take every data release with a grain of salt and this one I think you may have to take with a rock of salt," he said, citing seasonal adjustments as a potential source of error.

Still, the disappointing jobs number poured cold water on many economists who estimated a sharp rebound in job growth. Goldman Sachs economists expected a total of 1.3 million jobs to have been added in April.Some economists are forecasting double-digit growth in the current quarter after gross domestic product rose at a 6.4% annualized pace in the first quarter and more weak data could put those forecasts at risk.

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"It was a disappointing read on job creation and brings into question the assumption that Q2 is going to carry-forward the positive momentum established at the beginning of the year," Ian Lyngen, head of U.S. rates at BMO, said in a note.Shares of Roku rallied more than 11% after the streaming company blew past expectations with its first-quarter results. Roku posted adjusted earnings of 54 cents​​ per share, compared to an estimated loss of 13 cents per share, according to Refinitiv. Revenue rose 79% from a year ago and exceeded expectations.

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Thanks for saving us POTUS ! Thank u President Biden. The Biden miss 모든 사람은 심판 날에 자신의 행위에 대한 책임을 지게 될 것입니다. EternityPreparedness Stocks aren’t going up, the value of the dollar is going down

Capitol Police observed 200 Proud Boys well before the Capitol was breached, lawmaker saysUS Capitol Police observed roughly 200 members of the extremist Proud Boys group moving toward the Senate around 11 a.m. on January 6, hours before the building was breached by a pro-Trump mob, a House committee chairman said Not condoning violence from any side but at least this one riotby the right was in defense of the country where they felt the government was going against it, while the left riots all over against the country and against the government and all over shit Pelosi stalled and failed miserably to secure the Capitol building By 'observed' you mean they gawked at them and did nothing because it was a mob of white people?

Israeli Police Injure as Many as 200 Palestinians in Horrific Attack on Jerusalem MosqueAs tens of thousands of worshippers held evening prayers inside Jerusalem’s Al-Aqsa Mosque on Friday night, the final Friday of Ramadan, Israeli police in riot gear stormed the building and attacked Palestinian worshippers as well as protesters who gathered in their defense.\n USA should be hated like Jews 4 Tricky World Domination aspirations. White Devils need to pay. Untouchable too big to pay nations, USA & Israel are above law, reason USA is against Real World Leadership. Force Israel black, force massive black immigration into Israel. melt pot

Capitol Police turned attention from ’200’ Proud Boys gathered on Jan. 6, lawmaker saysThe U.S. Capitol Police identified about 200 members of the Proud Boys assembling on the morning of Jan. 6, but officials sent the department’s intelligence resources elsewhere, Rep. Zoe Lofgren said today. Yes- bc the fix was in - they wanted the attack to succeed and went out of their way to ensure the police there were outnumbered, under equipped and that reinforcements were not coming for hours We were very lucky- we may not be as lucky next time & there will be another attack! How narrow is this “command and control and radio traffic” ... limited to radio? They don’t want to shake that tree because they know their gop reps will fall out

More than 200 Palestinians hurt in Jerusalem holy site clashJERUSALEM (AP) — Israeli police firing tear gas, stun grenades and rubber bullets clashed with stone-throwing Palestinians at a flashpoint Jerusalem holy site on Monday, the latest in a series of confrontations that threatened to push the contested city toward wider conflict... Unarmed people versus one of the best equipped force in the world. Israeli forces are cowards. The Israeli will win with sheer force. They will injure, dominate & kill Palestinians. They will push the Arabs out & take their land & property. This is what Israel does. The democracies of the world will be told to look away. That is what Israel’s “allies” do. I would like to know why Israeli police and Jewish rioters attacked Palestinians at mosque and then blocked medical aid. Sounds like state sponsored terrorism.

Dow jumps 300 points to hit another record close ahead of key April jobs reportU.S. stocks rose on Thursday as investors awaited Friday’s highly anticipated jobs report to gauge the pace of the labor-market recovery. The Dow surged 0.92%. The S&P 500 rose 0.81%. The Nasdaq was up 0.37%. ClosingBell Nothing to do with jobs, market got excited about Corp tax rate “possibly” increasing to 25% instead of 28%. Imagine the amount of margins and leverage being used. If everyone is buying crypto and hedge funds are selling and moving to bonds, who is actually left buying stocks? Probably Blackrock... Maybe you should cover how most stocks are red and bleeding while the indexes are green.