With the jobs number coming in about where expected (223,000 new jobs created in April), and the unemployment rate falling to 5.4% (I know the participation rate is ridiculously low), there seemed to be enough of “whatever they were looking for” for the bulls today. One could use today’s numbers to make their case for Fed tightening or no Fed tightening. Yes, there seemed to be something for everyone in the data.
Stocks rocketed to the upside right at the opening of trading and by the close, the Dow was sporting a nifty 266 point gain to end the day at 18,190. The S&P 500 was up 28 points to finish the day at 2116. Gold was up $5 to trade at $1187 per ounce, while oil was up $.40 to trade at $59.34 per barrel WTI. Bonds saw enough weakness (especially in the downward revision to the March number), to rally off the week’s lows.
What a wild and volatile week, but when all was said and done, the bulls seemed to hold the high ground for the moment. Of course, we know that this market seems to have amnesia this year, so who knows what we’ll see on Monday.
In the meantime, have a great weekend everyone.