Saturday, May 6, 2017

Stocks Rally Friday to End Week Positively

The reaction wasn't immediate, but Wall Street eventually responded to the April non-farm payroll result, registering solid gains into the close of trading Friday.

The BLS reported a gain of 211,000 jobs for the prior month, well above estimates which called for a figure of 180,000. Coupled with the Fed keeping interest rates on hold for the time being, stocks finished the week with solid gains, marking the third straight week that stocks finished positively.

Some skepticism remained as the March payroll numbers were downgraded further, from 98,000 to a disappointing 79,000.

Still, the solid showing on Friday put all the major indices into positive territory for the week, all closing near all-time highs.

How long the love-fest with stocks can continue is anybody's guess, but it appears nobody is giving up gains at this juncture.

At The Close, 5/5/17:
Dow: 21,006.94, +55.47 (0.26%)
NASDAQ: 6,100.76, +25.42 (0.42%)
S&P 500: 2,399.29, +9.77 (0.41%)
NYSE Composite: 11,615.61, +80.90 (0.70%)

For the Week:
Dow: +66.43 (0.32%)
NASDAQ: +53.15 (0.88%)
S&P 500: +15.09 (0.63%)
NYSE Composite: +79.51 (0.69%)

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