Great Jobs Report, but stocks drop (again)

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Stock Market Update Friday, March 6th, 2020

Boeing Stock Analysis after the crashWow. It was another wild day of trading.

Stocks opened near lows of the week, then continued to slide.

The drop came in spite of a great February Jobs Report.

The report showed that 273,000 Non-Farm Jobs were added (vs. a 175,000 forecast), Average Hourly Earnings increased 0.3% (same as forecasted), and the Unemployment Rate ticked down to 3.5% (vs. a 3.6% forecast).

With today’s slide, it’s safe to say that traders could care less about February jobs. At one point the S&P and NASDAQ were down 4.0%!!!

But a rally in the last hour of trading helped erase a large part of the day’s early losses.

It was the 2nd lowest close of the year for the S&P

Here’s where the major indices ended the day:

  • The S&P finished with a 1.7% loss. Down 52 points, the S&P ended at 2,972.
  • The DOW ended lower by 1.0%. Dropping 257 points the DOW closed at 25,865.
  • The NASDAQ was down 1.9%. With a 166 point loss, the NASDAQ finished at 8,576.

But believe it our not, in spite of the wild swings and back to back losing days, the major indices actually finished the week in positive territory!

Crude Oil (CL) finished was hammered. After a big drop overnight, Crude Oil continued to slide throughout the day. Down 10%, Crude Oil finished the day at $41.32 a barrel.

The $VIX (aka “fear index”) spiked to highs not seen since 2009, but then retreated. The $VIX finished the day higher by 5.9%.

And the 10-year yield dropped below 0.7% for the first time ever.

Gold opened at highs of the year then retreated and eventually ended the day with a 0.3% gain. Up 6.4% for the week, Gold had its best week since 2016.

Here is the economic calendar for the week:

Real Time Economic Calendar provided by Investing.com.

This Stock Market Update was provided by Rockwell Trading Services LLC.


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