Stocks are on the rise midday Thursday, the last trading day before the Independence Day holiday weekend, although they’ve given up some of their larger early gains.
The latest U.S. jobs report boosted stocks, as unemployment fell to 11.1%. However, investors have to balance that with the ever-increasing Covid-19 caseload, which has caused a number of cities and states to halt their reopening plans. That could crimp ongoing job growth. Meanwhile, the U.S. government might delay another round of stimulus—even as Americans teeter on an income cliff.
Rick Rieder, BlackRock’s chief investment officer of global fixed income, notes that one key data point from the jobs report is “that virtually all the numbers this month have displayed some tangible improvement, some clear reopening of the economy, albeit still very uneven by sector and region.… However, it is also clear that leisure, travel, energy, etc.
As for individual stocks, Pfizer is up 2.5% as it produced an optimistic timeline for its coronavirus vaccine.Tesla is up 7.7% as it appears it will soon join the S&P 500.
People are over the COVID hoax
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