Friends

Well, the non-farm payroll number was a dud. Instead of more than 80,000 new jobs added in July (which was the analyst estimate), we actually saw a drop of 23,000 jobs. The unemployment rate fell to 4.1% which was actually a little better than expected. Bonds rallied on the news sending interest rates lower as investors see the likelihood of a September rate hike possibly decreasing. Stocks rallied on the news and were able to hold some nice gains at the close.

For the day, the Dow Jones Industrial Average was up 151 points to close at 54,036. The S&P 500 was up 47 points to finish the day at 7,757. The Nasdaq Composite Index was up 342 points to close at 26,690. Gold was up $107 to trade at $4,407 per ounce, while oil was down $.39 to trade at $76.90 per barrel WTI.

It was a good week for stocks, despite the mixed messages on the economy. Let’s see if the bulls can keep up the momentum.

Have a great weekend everyone.

Jim