For a change, good news - an increase of 195,000 jobs in June, according to the monthly BLS non-farm payroll survey - was good news.
Interest rates, on the other hand, took the matter more seriously, with the 10-year note bobbing up to 1.71%, a two-year high, that has some deep thinkers saying 30-year mortgages could reach six percent by the end of the year.
Other optimistic assessments of the economy include unicorns on roller skates and free houses for everyone.
The huge gains notwithstanding, volume was one of the lowest of they year, which, naturally, will be blamed on Friday being part of a four-day weekend. The markets will keep the gains, nonetheless.
Looks like we're off to the races again, with second quarter earnings beginning to trickle in next week, though most forecasters have lowered 2Q GDP estimates to under 1%.
The over-riding theme of the market is that this is a great economy, even if it isn't.
Crude oil is hitting multi-year highs; gold and silver are making multi-year lows.
That makes about as much sense as sending sixth grader to the store for whiskey and smokes.
American markets are the greatest
Dow 15,135.84, +147.29 (0.98%)
NASDAQ 3,479.38, +35.71 (1.04%)
S&P 500 1,631.89, +16.48 (1.02%)
NYSE Composite 9,214.17, +79.09 (0.87%)
NASDAQ Volume 1,205,887,125
NYSE Volume 2,960,337,250
Combined NYSE & NASDAQ Advance - Decline: 3937-2511
Combined NYSE & NASDAQ New highs - New lows: 493-112
WTI crude oil: 103.22, +1.98
Gold: 1,212.70, -39.20
Silver: 18.74, -0.964
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