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Friday's positive reversal day followed-through on Monday and the Dow gained 113-points, and the S&P made a new intraday 2016 high, closing at its highest level of the year. This is coming on the heals of a weak jobs report on Friday that initially had investors running for cover.
Stocks dropped sharply after the announcement of the Jobs report on Friday, which showed that 38,000 jobs were added in May. That was over 100,000 fewer than expected, while the unemployment rate fell to 4.7%. The Dow opened lower and was down nearly 150-points in the first hour of trading, but like the prior days last week, dip buyers showed up and we saw the indices close well off their lows, although still in negative territory as the Dow gave up 31.50. All three TSP stock funds ended with
Stocks were up for the week but the levels of success for the stock funds was mixed. The S&P 500 (C-fund) was nearly flat while small caps (S-fund) were up more than 1%. A difference strength was also demonstrated by the two indices reactions to resistance lines; SPY (C-fund) was held up by its overhead resistance while the Dow Completion Index (S-fund) broke above its overhead resistance to produce new highs on the year. Bonds (F-fund) were also up to produce a decent gain after its index AGG gapped
U.S. Economy Adds 38,000 Jobs; Unemployment at 4.7%
U.S. job growth brakes sharply; unemployment rate falls to 4.7 percent | Reuters
Update: May Jobs report, +38,000 jobs and unemployment rate of 4.7%.
Stocks opened lower again on Thursday, but like Wednesday, buyers were quick to step in and the indices slowly rose all day and closed at their highs of the day. The gains weren't huge, the Dow ended with a gain of 49-points, but from the morning low to the close it gained 135-points.