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Stocks opened higher on Monday, hitting the intraday highs almost as soon as the trading began, but spent the rest of the day chopping in a tight, slightly lower range. It was a bit of a snoozer with the Dow losing 14-points on the day, and while the losses weren't bad, the negative reversals don't help.
Tuesday was a very similar day to Monday in that stocks opened higher, made their daily highs in the morning, lost those gains, but closed off the lows with a late push higher. It's more churning after the breakout last Friday. The Dow gained 4-points and most indices closed with slight to modest gains, although the Transports lagged closing down on the day. The Nasdaq and S-fund made new closing highs.
Stocks rallied from the opening bell on Friday after the announcement of the July jobs report. The economy added 255,000 jobs, which was about 80,000 more than expected. The unemployment rate remained at 4.9%, which was actually a tick higher than expected. The Dow gained 191-points on the day while the S&P and small caps each added just under 1%. The Transports had a big day with a 1.9% gain, greatly improving that chart which needed help.
Stocks were up this week with help from the July jobs report numbers exceeding expectations. This pushed the S&P 500 out and above the trading channel it had closed within for 17 straight days before Friday. The action preceding Friday was mixed and mostly in negative territory for the week.
The C-fund led the TSP funds this week with a 0.5% gain while the S-fund was not far behind with a gain of 0.3%. The F-fund was down but the I-fund lagged with more than a 1% loss for the week.
U.S. Stock Futures Rise After July Jobs Report
Nonfarm payrolls up 255,000 in July, unemployment rate at 4.9%
U.S. Stock Futures Rise After July Jobs Report - WSJ