Stocks Rally, Dow Rises Over 400 Points Despite Record Job Losses

The stock market finished nearly 2% higher on Friday, despite one of the worst monthly jobs reports in history, as investors continued to look toward a reopening of the economy and bet that the worst of the economic impact from coronavirus has passed.Johannes Eisele/AFP via Getty ImagesThe Dow Jones Industrial Average rose 1.9%, 450 points, on Friday, while the S&P 500 was up 1.7% and the Nasdaq 1.6%.

Those gains came even amid a historically bad jobs report from the Labor Department, the worst since the 1929 Great Depression. Some 20.5 million jobs have been eliminated in April—that’s nearly every job created over the past decade, gone in a single month. But neither figures were as bad as expected on Wall Street, however: Economists polled by Dow Jones expected 21.5 million jobs lost and an unemployment rate of 16%.

“Today’s report tells us the labor market isn’t as dire as the headlines suggest, which is why equity prices and bond yields are getting a lift,” says Charlie Ripley, senior investment strategist for Allianz Investment Management.Just two months ago, the unemployment rate was sitting at a 50-year low of 3.5%, after the United States had been adding jobs every month for nearly a decade.

“Perhaps the ‘best’ news in the report was that of the 23 million workers who were unemployed in April, about 18 million thought that this was short-term ,” says Nationwide Chief Economist David Berson.Stocks have rallied aggressively off their March lows as Wall Street becomes increasingly optimistic about a reopening of the economy. Despite dismal economic data and first quarter corporate earnings reports, stocks have looked beyond the near-term turmoil caused by coronavirus.

It’s all manipulated anyway!

The StockMarket isn't a measurement of the US economy. 🤷🏽‍♂️

DOW 40,000 when unemployment hits 50%.

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Stocks Rally, Dow Up Almost 300 Points Despite Despite Record Job LossesThe market moved higher despite over 20 million job losses in April. It’s a fucking joke, really. Proof positive that the stock market isn't an indicator of the actual economy. 20+ million lost their jobs? The 1% don't care, still gambling on stocks.
Source: Forbes - 🏆 394. / 53 Read more »

Stocks Rally, Dow Up Almost 300 Points Despite Record Job LossesThe stock market rose today, despite one of the worst monthly jobs reports in history, as investors continued to look toward a reopening of the economy and bet that the worst of the economic impact from coronavirus has passed by skleb1234 skleb1234 As the FED grows the greatest Ponzi scheme since Social Security. But keep thinking Wall Street will pay off your retirement fund IOUS when you eventually retire. skleb1234 One of the most idiotic statue in Human History. skleb1234 I don’t believe that crap. It’s market manipulation my Trump WHMob.
Source: Forbes - 🏆 394. / 53 Read more »