Payroll Loss Means Nothing As Stocks Recover to Close Friday Flat

Weekend Wrap: Even a horrible September jobs report couldn't slow down the runaway freight train that is the US stock market.

After the BLS reported on Friday a net loss of 33,000 jobs in the month, stocks were lower for most of the session, though investors shrugged off the data as the result of hurricane that hit Texas and Florida and continued to buy as the afternoon wore towards the closing bell.

The late-day surge left the markets mostly flat for the session, with the NASDAQ the only major index to post a gain.

For the week, however, stocks put in one of their best performances of the year, led by the Dow Industrials, which ramped up 1.65%. The laggard was the broad-based NYSE Composite, which posted a gain of just under one percent.

The non-farm payroll report for September was the first since 2010 to show a loss in employment. Despite the three-month average declining sharply to 91,000 from 172,000, stocks were still the place to be.

As stated previously here at Money Daily many times, there is nothing to impede stocks from careening higher for what looks to be the remainder of 2017. with the Fed on hold until December conceding rate increases, and the Bank of Japan and the ECB buying stocks with both fists, passive investors need do nothing besides sitting back and waiting for their quarterly statements.

Making money has never been so easy.

At the Close, Friday, October 6, 2017:
Dow: 22,773.67, -1.72 (-0.01%)
NASDAQ: 6,590.18, +4.82 (+0.07%)
S&P 500: 2,549.33, -2.74 (-0.11%)
NYSE Composite: 12,317.69, -21.24 (-0.17%)

For the Week:
Dow: +368.58 (+1.65%)
NASDAQ: +94.22 (+1.45%)
S&P 500: +29.97 (+1.15%)
NYSE Composite: +108.53 (+0.89%)