Day Traders Diary
Stocks finished higher rebounding from two-day losses, as data showed U.S. job creation was stronger than expected in April. The Dow Jones Industrial Average rose 197.16 points to 26,504.95, while the S&P 500 rose nearly 1% to 2,945.64, posting its biggest gain since April 1. The Nasdaq Composite climbed 1.6% higher to hit a record high of 8,164. The U.S. added a robust 263,000 new jobs in April while the unemployment rate fell to 3.6%, the lowest since December 1969, according to a Labor Department report Friday. In a broad market rally, shares of Amazon head the charge, rising 3% after it was disclosed Warren Buffett's Berkshire Hathaway was a buyer in the last quarter.
Strong earnings this season have been supporting the markets. More than half of the S&P 500 has reported first-quarter earnings and the results have largely topped expectations. According to FactSet, 75% of the S&P 500 companies have beaten earnings estimates.
Despite Friday's gains, the Dow still posted a small weekly loss of 0.1% as the Fed Chairman's comments triggered a two-day sell-off earlier in the week. The S&P 500 and the Nasdaq finished the week slightly higher.
Year to date returns:
•Nasdaq Composite +23.0% YTD
•Russell 2000 +19.7% YTD
•S&P 500 +17.5% YTD
•Dow Jones Industrial Average +13.6% YTDAll comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it's usage.