The economy is roaring back!
Great news for the economy and true Americans, but bad news for the libs!
Stocks are rushing higher in early trading Friday after a stunningly good report on the U.S. job market gave Wall Street's recent rally another shot of adrenaline.
The Dow Jones Industrial Average was up 756 points, or 2.9 percent, at 27,037, as of 9.45am. The Nasdaq was up 1.6 percent and the S&P 500 was up 2.2 percent within the first 15 minutes of trading.
It came after the government said that U.S. employers added 2.5 million workers to their payrolls last month. Economists were expecting them instead to slash another 8 million jobs amid the ongoing fallout from the response to the coronavirus pandemic.
While economists cautioned that it's just one month of data and could be giving false hope, the report gives credence to the building optimism among stock investors that the economy can recover relatively quickly from its current hole.
That hope has been a big reason for the better than 40 percent rally for the S&P 500 since late March.
The S&P 500 is now down only about 6.3 percent from its record set in February after earlier being down nearly 34 percent.
'It looks like the healing process is underway in the jobs market and it looks like it´s happening sooner than expected,' said Todd Lowenstein, equity strategy executive of The Private Bank at Union Bank. 'It looks like the worst is behind us.'
In another show of increased confidence, the yield on the 10-year Treasury zoomed up to 0.90 percent from 0.82 percent late Thursday.
This area of the market was much earlier than stocks to give warning about the coming economic devastation from the coronavirus outbreak. It had also been much slower to rise than stocks recently, but the 10-year yield is now close to its highest level since late March.
Stocks began their tremendous rally in late March after the Federal Reserve came to the rescue once again with promises of immense aid to keep markets running smoothly.
Capitol Hill also agreed on unprecedented amounts of aid for the economy, which helped eliminate the worst-case scenario for many investors of a full-blown financial crisis.
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Comments (36)
But also because of the shortages, prices on most of the parts I buy have in some instances doubled and in other instances are becoming increasingly difficult to get at any price. Some of the parts I use are made in China. Some of them are impossible to get, but I also use a lot of American made parts that are also impossible to get.
I sure hope that situation resolves or I will be in a world of hurt.
Stock market share prices are one thing and fluctuate.
How and when do you see the millions of job losses bounce back?
Darby Drake
·Quit trashing Obama's accomplishments. He has done more than any other President before him. Here is a list of his impressive accomplishments:
1. First President to be photographed smoking a joint.
2. First President to apply for college aid as a foreign student, then deny he was a foreigner.
3. First President to have a social security number from a state he has never lived in.
4. First President to preside over a cut to the credit-rating of the United States.
5. First President to violate the War Powers Act.
6. First President to be held in contempt of court for illegally obstructing oil drilling in the Gulf of Mexico.
7. First President to require all Americans to purchase a product from a third party.
8. First President to spend a trillion dollars on "shovel-ready" jobs when there was no such thing as "shovel-ready" jobs.
9. First President to abrogate bankruptcy law to turn over control of companies to his union supporters.
10. First President to by-pass Congress and implement the Dream Act through executive fiat.
11. First President to order a secret amnesty program that stopped the deportation of illegal immigrants across the U.S., including those with criminal convictions.
12. First President to demand a company hand-over $20 billion to one of his political appointees.
13. First President to tell a CEO of a major corporation (Chrysler) to resign.
14. First President to terminate America’s ability to put a man in space.
15. First President to cancel the National Day of Prayer and to say that America is no longer a Christian nation.
16. First President to have a law signed by an auto-pen without being present.
17. First President to arbitrarily declare an existing law unconstitutional and refuse to enforce it.
18. First President to threaten insurance companies if they publicly spoke out on the reasons for their rate increases.
19. First President to tell a major manufacturing company in which state it is allowed to locate a factory.
20. First President to file lawsuits against the states he swore an oath to protect (AZ, WI, OH, IN).
21. First President to withdraw an existing coal permit that had been properly issued years ago.
22. First President to actively try to bankrupt an American industry (coal).
23. First President to fire an inspector general of AmeriCorps for catching one of his friends in a corruption case.
24. First President to appoint 45 czars to replace elected officials in his office.
25. First President to surround himself with radical left wing anarchists.
Continued...
"When Speaking The Truth".....................
The stock market has benefited from a tsunami of cash from the Fed that will take decades to pay back.
The economy and the stock market are two entirely different things. Corporations and the 1% are making millions but the people who work for a living are facing horrific levels of unemployment not seen since the great depression.
Get real.
Pray to God this mess that Trump has made gets fixed. We cant bail out homeowners and workers
again more than once or twice without causing a disaster.
Call them; .............'The predictable ones"
Keep up the good work dude..................
Also, I recall having a discussion with a friend (Obama supporter) about some of the "jobs" he created. We had a bunch of construction projects underway and each and every one of them was accompanied by a sign thanking Obama and the US government. The signs were given to some to make as one the "job" programs. Now once the signs were made, the jobs disappeared and off to unemployment land they went. So a 6 week job qualifies as what?
The US economy is officially in recession
Of course we can't say that Trump had anything to do with the economy going into a recession right? Just like he had nothing to do with the economy "roaring back"
Maybe,Ooby,you invested in the wrong Stocks!
Does happen you know!
The US economy is officially in recession
Of course we can't say that Trump had anything to do with the economy going into a recession right? Just like he had nothing to do with the economy "roaring back"
I hope you remember this comment post of yours. When the economy is starting to boom again like it was before Covid-19, don't start claiming it's because of Obama and that it's Obama's economy. You know you'll be one of them that will, AGAIN!
As for Yahoo, they lost their credibility years ago!
The S&P is down 115
The DOW down 1,156
The Nasdaq down 274
The Russell 2000 down 79
Years ago, every time Ben Bernanke opened his mouth, the market went down. I was so glad when he went away. Now we have a new guy who knows a lot less, who needs to learn to keep his mouth shut.
This is nothing compared to actual heat I have taken before.
Keep rooting against the economy all because you hate Trump. Pretty petty!
I wholeheartedly disagree with you about Trump. Besides, those are your opinions, not facts!
I can disagree with someone on my blogs, but I'm not going to disable my comments. All I ask for anyone commenting on my blogs (btw, this is not a kitchen) is stick with the topic, and not get too personal with me and others.
My time is limited on here the way it is. I don't have the time like a lot of others do on here. When I go to work, I'm on the very front lines (hospital e.r.) with possible Covid-19 cases that I have to deal with.
There are a few on here where I will no longer give a voice on my blogs, they were given chances and made themselves irrelevant because of their own doings.
I do think you're a nice guy, but we will never agree with one another when it comes to politics.
"But... "They" ...Will Continue To Be Adamant"
"That It Was Because Of What"
"Obummer Did... When He Was President"