Jobs Report Reminded Investors the US Economy is Strong and Business is Good

Jobs Report Reminded Investors the US Economy is Strong and Business is Good

$DIA, $SPY, $QQQ, $RUTX, $VXX

The US Jobs Report for January provided reminder that US labor market remained strong despite growth worries, market volatility, and partial government shutdown.

Plus, January ISM Manufacturing Index up higher than expected at 56.6 (consensus 53.6), business is good too.

Foxconn Technology Group (2454:TW) said Friday that after its Chairman spoke directly with President Donald Trump the Taiwanese company will proceed with plans to construct a plant in Wisconsin that will make liquid crystal display screens that can be used for small electronic devices.

The news capped a week of confusion about Foxconn’s plans in Wisconsin. The company announced in Y 2017 that it planned to invest $10-B in the state and hire 13,000 people to build an LCD factory that could make screens for televisions and a variety of other devices.

The company last year said it was reducing the scale of what was to be made in Wisconsin, from what is known as a Gen 10 factory to Gen 6.

But this week, even that was thrown into question with Foxconn executive Louis Woo said it couldn’t compete in the television screen market and would not be making LCD panels in Wisconsin.

Friday, Foxconn said after discussions with the White House and a personal conversation between President Trump and Foxconn Chairman Terry Gou, it plans to proceed with the smaller manufacturing facility.

“Great news on Foxconn in Wisconsin after my conversation with Terry Gou!” President Trump tweeted.

Friday, the major US stock market indexes finished at: DJIA +64.22 at 25063.89, NAS Comp -17.87 at 7149.53, S&P 500 +2.43 at 2706.49

Volume: Trade on the NYSE came in at 886-M/shares exchanged

  • Russell 2000 +11.4% YTD
  • NAS Comp +9.5% YTD
  • S&P 500 +8.0% YTD
  • DJIA +7.4% YTD

HeffX-LTN’s overall technical analysis for the US major stock market indexes is Neutral to Bullish for the week ending 2 February 2019

Have a terrific weekend.

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