The constant up’s and down’s of the market ended up this Friday…
The move up seems to be based on the view that more virus restrictions will be coming down…
Dow Jones Industrial Average rises 455 points
The Dow gained 445.43 points, or 1.91%, to close at 24,331.32. The S&P 500 climbed 1.69% to 2,929.80. The Nasdaq Composite advanced 1.58% to 9,121.32. Stocks rose sharply even after the ugliest monthly jobs report on record as investors bet the worst of the coronavirus and its impact on the economy has passed.
More than 20 million jobs lost in April
The Labor Department said a record 20.5 million jobs were lost last month, and the unemployment rate jumped to 14.7% from just 4.4%. Both the spike in job losses and the unemployment-rate surge are post-World War II records. To be sure, neither print was as bad as feared. Economists polled by Dow Jones expected a loss of 21.5 million jobs and an unemployment rate of 16%. “You have investors that seem to be able to look through the tsunami of negative economic data and earnings and towards the potential for a gradual reopening of the economy,” said Art Hogan, chief market strategist at National Securities….
Note…
Around my way in a NY suburb?
Vehicular traffic has increased and more food take out places and restaurants , with curtsied pick up have re-opened….
Supermarkets have all the sudden had toilet paper, paper towels on the shelves….Of Course at a higher price…
Bottled water has been around since early April…
But anti-bacterial wipes still are scarce…
Meat and frozen foods are a hit or miss…
Gloves and masks are available ….
99% of people going into store’s have masks…
Glove use has declined….
You DO get the impression that things ARE coming back a little bit…