Strong Jobs Data Closes A Short But Positive Week

It’s been a fun couple of days in the market since the Fourth of July, despite the tariffs with China becoming real. Investors who stayed on the sidelines really missed out, as the major indices each registered solid gains for the week.

The NASDAQ led the way upward with an advance of 2.4%, which recovered last week’s loss of the same amount. The S&P’s 1.5% advance more than made up for last week’s deficit of 1.3%. The Dow is getting hit harder than its counterparts with all this trade turmoil so it couldn’t fully recover from last week’s 1.3% slide, but it still advanced 0.8% over the last four days.

The big news today was the Government Employment Situation report, which stated that the economy added 213,000 jobs last month. The result beat expectations at around 200,000. The number goes a long way in assuaging fears that the economy’s fundamentals are being hurt by concerns of a trade war.

Speaking of trade, the $34 billion worth of tariffs on Chinese imports were officially imposed today, as were China’s promised retaliatory tariffs. Ironically, after weeks of hand-wringing about this issue, the market just shrugged it off on the first official day to focus more on the jobs number.

In the end, the NASDAQ enjoyed a second straight session with a 1%+ gain; it was up 1.34% (or nearly 102 points) on Friday to 7688.4. The S&P increased 0.85% to 2759.8 and the Dow advanced 0.41% to 24,456.5.

Of course, the indices won’t hold up as well if this trade war continues for too long or if it escalates. 

"Equities were bid across the board as the post-holiday bounce continued. Not even a late night swap of tariffs between the US and China could put a damper in things. It didn’t matter where you looked today, stocks were in “Go-mode” and that’s a good thing," said Dave Bartosiak.

Dave was the most active editor to close out the week, as he added to two of his portfolios. Blockchain Innovators picked up a semiconductor giant that gets a lot of business from the crypto space, while Momentum Trader added a tech name to capitalize on the NASDAQ’s uptrend. Also, TAZR cashed in part of a position for a double-digit return. Read more below:

Today's Portfolio Highlights:

1 2
View single page >> |

Disclosure: contains statements and statistics that have been obtained from sources believed to be reliable but are not guaranteed as to accuracy or completeness. References to any specific ...

How did you like this article? Let us know so we can better customize your reading experience.


Leave a comment to automatically be entered into our contest to win a free Echo Show.