E US Stock Market Weekly Update December 2 - 6

A better than expected jobs report released on Friday, December 6, was enough to send stocks higher at the close of this trading week. Economic fundamentals in the absence of rumors and statements about the US-China trade deal moved the financial markets. The actual number for the US non-farm payrolls was 266k, higher than the forecast of 183k. The US unemployment rate declined to 3.5%, beating the forecast of 3.6%, a 50-year low rate. The average hourly earnings grew to 3.1% on a yearly basis for the month of November 2019 compared to the forecast of 3.0%, but on a monthly basis declined to 0.2% compared to the forecast of 0.3%.

Furthermore, the University of Michigan Sentiment figure beat the forecast, with a figure of 99.2, higher than the forecast of 97.0. The US dollar appreciated against the Euro, but not much against the British Pound, and surprisingly not much against the Japanese Yen. After such a strong job report the sentiment for risk is mixed with investors focusing on safe havens such as the Japanese Yen. Gold prices declined, and WTI Crude oil closed above the $59 per barrel. Higher oil prices are a key indication for inflationary pressures on the economy.

For the week of December 2 – December 6, 2019 the major US stock market indices closed as follows:

•             Dow Jones Industrial Average: Close 28,015.06, -0.13% for the week, +20.09% Year-to-date

•             S&P 500 Index: Close 3145.91, +0.16% for the week, +25.49% Year-to-date

•             NASDAQ: Close 8656.53, -0.10% for the week, + 30.36%, Year-to-date

•             Russell 2000: Close 1633.84, +0.57% for the week, +21.15% Year-to-date

Weekly Stocks Gainers

These are the top 3 gainers, stocks with 5 days of consecutive price advances:

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Disclosure: I have no position in any stock mentioned

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