Stocks rose Thursday and gained on the week, as investors cheered the resiliency of a US economy that created nearly 5-M jobs in June and the number for May revised to nearly 3-M.
President Trump said June’s better-than-expected jobs report shows a strong rebound from losses due to the C-19 coronavirus.
“Today’s announcement proves our economy is roaring back,” President Trump said Thursday at a White House news conference. “These are historic numbers.”
He predicted a resurgence just before the November election.
The rebound of the US jobs market accelerated in June, as businesses continued to reopen. Payrolls rose by 4.8-M last month and the unemployment rate fell to 11.1% from 13.3% in May.
“The PPP program worked,” Larry Kudlow said in a TV interview “It was brilliantly designed, and I think it will continue to pay off.”
In addition to the Top line of the report being so good, it showed high results for many different groups, including a “700,000 job increase for African Americans. Hispanics are up 1.5-M in this report, and for women, 3-M.”
Wrong again, economists forecast’d payrolls to rise by 3-M and an unemployment rate of 12.5%.
Wall Street ended July’s 1st 2 trading days in Q-3 on a positive note, buoyed over the past 2 days both after Pfizer’s (NYSE:PFE) coronavirus vaccine candidate showing progress in a trial phase, and the Fed’s pledge to keep the money flowing “for years.”
Thursday, the major US stock market indexes finished at: DJIA +92.39 at 25827.38, NAS Comp +53.00 at 10207.63, S&P 500 +14.15 at 3129.88
Volume: Trade on the NYSE came in at 897-M/shares exchanged
HeffX-LTN’s overall technical outlook for the major US stock market indexes is Bullish with a Very Bullish bias for the week ended 2 July 2020
Looking Ahead: Investors will receive the ISM Non-Manufacturing Index for June Monday.
Have a Star Spangled 4th of July Weekend