• Home
  • Stock News
  • Privacy Policy
  • Email Whitelisting
No Result
View All Result
Dividend Stocks Report
No Result
View All Result
Home Stock News

Dow climbs 100 points after better-than-expected jobs report, S&P 500 rises for 7th day in a row

by
November 5, 2021
in Stock News
0
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

Related Posts

S&P Stunts First Republic Bank with More Bad News

Chick-fil-A Follows Starbucks In Making a Move Customers Will Hate

US Banks on ‘Bumpy’ Path as First Republic’s Troubles Deepen

HSBC Tumbles in Hong Kong as AT1 Debt Selloff Weighs on Banks

A specialist trader works inside a booth on the floor of the New York Stock Exchange (NYSE) in New York City, October 6, 2021.

Brendan McDermid | Reuters

U.S. stocks rallied to record levels on Friday after the October jobs report came in better than expected, boosting optimism about the economic recovery.

A major development from Pfizer regarding its easy-to-administer Covid-19 pill fueled hope for a smooth reopening further, sending shares of airlines and cruise line operators soaring.

The Dow Jones Industrial Average rose 146 points, while the S&P 500 gained 0.3%, on pace for its seventh straight positive day. The tech-heavy Nasdaq Composite edged up 0.1%. All three major averages reached their respective intraday records during the session.

The move for stocks came as job gains for the month of October totaled 531,000. Consensus estimates called for 450,000 jobs added, according to Dow Jones. The report also revised September’s disappointing number up to 312,000 job gains from 194,000 previously, and increased its August number by a similar amount.

“Markets are cheering a much better than expected jobs report this morning as nonfarm payrolls smashed expectations,” said Cliff Hodge, chief investment officer at Cornerstone Wealth. “Gains were broad-based across industries, and manufacturing was a real bright spot.”

Pfizer shares jumped more than 7% after the company said its Covid-19 drug, used with an HIV drug, cut the risk of hospitalization by 89%. Pfizer board member Dr. Scott Gottlieb said Friday that the pandemic could be over in the U.S. by the time President Biden’s workplace vaccine mandates take effect in early January.

The news boosted classic reopening plays. United Airlines and American Airlines jumped more than 6% each, while Carnival popped 9% and Norwegian Cruise Line rallied more than 8%.

Recovery stock Expedia saw its shares roar higher by 13% a day after the company said renewed travel demand boosted its top and bottom lines higher than analysts had expected.

Peloton shares cratered more than 33% after the fitness platform and maker of interactive treadmills and exercise bikes reported a much larger loss than expected and cut its full-year outlook as fitness buffs headed back to the gym and away from at-home workouts.

The company also cited ongoing supply chain challenges for its “challenged visibility” over the near term that CEO John Foley said is causing the company to lower its expectations.

Earlier this week, investor digested the Federal Reserve’s plan to begin tapering its pandemic aid by the end of November, putting the central bank on track to end its asset purchase program by the middle of next year.

All three major averages are on track to end the week higher. The Dow is up 1.3% on the week, while the S&P 500 is 2.2% higher and the Nasdaq Composite is up 3.3%.

Next Post

Fundstrat's Tom Lee predicts S&P 500 rising to 5,000 next year in first look at 2022

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

email

Get the daily email about stock.

Please Enter Your Email Address:

By opting in you agree to our Privacy Policy. You also agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

Popular Posts

Stock News

Chick-fil-A Follows Starbucks In Making a Move Customers Will Hate

by
March 20, 2023
0

Post Content

Read more

Chick-fil-A Follows Starbucks In Making a Move Customers Will Hate

S&P Stunts First Republic Bank with More Bad News

HSBC Tumbles in Hong Kong as AT1 Debt Selloff Weighs on Banks

US Banks on ‘Bumpy’ Path as First Republic’s Troubles Deepen

Close to 190 banks could face Silicon Valley Bank’s fate, according to a new study

Morgan Stanley Strategist Says Bank Stress Signals Bear Market End

Load More

All rights reserved by www.dividendstocksreport.net

  • Home
  • Stock News
  • Privacy Policy
  • Email Whitelisting
No Result
View All Result
  • Home
  • Stock News
  • Privacy Policy
  • Email Whitelisting

© 2023 JNews - Premium WordPress news & magazine theme by Jegtheme.