Today was awesome.
First the scoreboard:
Dow: 14,985, +153.44 pts, +1.0%
S&P 500: 1,616, +18.8 pts, +1.1%
NASDAQ: 3,381, +41.4 pts, +1.2%
And now the top stories:
- It’s jobs day in America. According to the Bureau of labour Statistics, U.S. employers added 165,000 nonfarm payrolls in April. This was much higher than the 140,000 expected by economists. Even better, the March number was revised up to 138,000 from 88,000, and the February number was revised up to 332,000 from 268,000.
- The unemployment rate slipped to 7.6%. The labour force participation was unchanged at 63.6%.
- The good news was followed by two big milestones for the stock markets. First, the S&P 500 crossed 1,600 for the first time ever right when the markets opened. Less then an hour later, the Dow Jones Industrial Average briefly crossed 15,000 for the first time ever.
- So, what about the “sell in May and go away” rule? JP Morgan’s Tom Lee doesn’t think it’s a good trade this year. Among other things, he noted that hedge funds were quite bearish.
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