After a report showing the job market is beginning to improve, the stocks climbed higher Friday morning. The S&P gained 2 points, the Nasdaq gained 2 points and the Dow Jones 52 points. The positive job report had a significant effect on investor confidence, as gains are expected to continue.
The job report for May, which was predicted to show around 520,000 job losses, reported only 345,000.
Too bad it didn't last. I still think the market goes higher, it just needs a catalyst to do so. The problem here is people are still losing jobs at a high rate and unemployment continues to rise. If we get a report when unemployment falls, the market will sky rocket. All the cyclical stocks; metals, industrials, oils, techs have been on a tear and I am glad to own some of them. Secretly hoping for a pull back to I can add to some positions. But the market is sustainable now and as long as investors don't go into the weekend wondering which bank will fail next that is bullish.
That is true, unemployment is still continuing to rise, despite some positive signs. I hope that unemployment falls eventually, as this will most likely cause an economic upturn.
Positive Job Loss Report, Stocks Rise
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