Switzer on Saturday

Jerome and Jobs rescue stocks on J-day!

Founder and Publisher of the Switzer Report
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Friday Close
Change
Change %
Week Change %
Dow Jones
23,433.16
746.94
3.29%
1.61%
S&P 500
2,531.94
84.05
3.43%
1.86%
NASDAQ
6,738.86
275.35
4.26%
2.34%
ASX 200
5,619.40
-14.00
-0.25%
-0.62%
Data for week commencing 31 December 2018

It was J-day on Wall Street with the Dow Jones index rocketing up over 770 points when I bounced out of bed. J-day? J for a Jobs Report that perked up those stock players who were over-worried about a US recession this year and then J for the Fed boss, Jerome Powell.

Let’s zoom in on the December Jobs Report that showed 312,000 jobs were created when only 176,000 were expected. And there were revisions to the October and November numbers telling us an additional 58,000 Americans got off the dole queue and into work. Unemployment snuck up to 3.9% but this was for the good reason that more people went looking for a job so the participation rate rose. Incidentally, economists, historically, say this is a good sign for the economy going forward.