This morning’s jobs report came in better than expected with 943,000 new jobs created in July. The unemployment rate dropped down to 5.4%. The bond market sold off on the news (rates up) and stocks were mixed with banks moving higher on the interest rate move while growth stocks slumped a bit.
For the day, the Dow Jones Industrial Average was up 144 points to close at 35,208. The S&P 500 was up 7 points to finish the day at 4,436. The Nasdaq Composite Index was down 59 points to close at 14,835. Gold was down $46 to trade at $1,762 per ounce, while oil was down $1.01 to trade at $68.08 per barrel WTI.
It was a bit of a choppy week for stocks and given all of the data and news headlines that is not surprising. Let’s see what next week has in store for us.
Have a great weekend everyone.