Despite A Good Jobs Number Stocks Retreat

Friends

We were treated to a very tasty jobs report this morning, as 225,000 new jobs were created in January. The unemployment rate is at 3.6% and year over year wages grew at 3.1%. Despite the good economic news (capping a week of good economic news), stocks finally seemed to succumb to the worries that the coronavirus issue is anything but settled. It appears I wasn’t the only one worried. Of course, all in all it was a good week for stocks.

By the close, the Dow Jones Industrial Average was down 277 points to finish the day at 29,102. The S&P 500 was down 18 points to close at 3,327. Gold was up $4 to trade at $1,574 per ounce, while oil was down $.52 to trade at $50.43 per barrel WTI.

Yes, it was a good week for stocks, but I don’t think it’s a bad idea to be a little cautious at the moment. Indeed, we had a good week of economic data and decent corporate earnings reports, but the unknown that is the coronavirus still should cause concern as we head into next week.

Have a great weekend everyone.

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