Switzer on Saturday

Stocks up despite that damn Coronavirus!

Founder and Publisher of the Switzer Report
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Friday Close
Change
Change %
Week Change %
Dow Jones
29,102.51
-277.26
-0.94%
3.00%
S&P 500
3,327.71
-18.07
-0.54
3.17%
NASDAQ
9,520.51
-51.64
-0.54%
4.04%
ASX 200
7,022.60
-26.60
-0.38%
0.08%
Data for week commencing 03 February 2020

Once again, the US economy delivered, and it did so to the high side, with 225,000 jobs created in January when only around 158,000 were expected. Wages went up by a healthy 3.1% on an annual basis, and while unemployment edged up to 3.6%, it was because more Americans decided to re-join the workforce. This is a positive economic growth sign.

However, it didn’t help Wall Street, with all stock market indices down on that damn Coronavirus! And it wasn’t helped by the highly respected economist Ed Hyman, who is the Evercore ISI chairman, who told CNBC: “Our team has GDP growth at zero for the first quarter…China is really slowing and that’s worrying people for sure.”