Trade optimism helped to boost stocks today as the Dow and the S&P 500 capped off back-to-back weekly gains. The Dow increased 0.3% and the S&P 500 gained 0.1%, while the Nasdaq fell by 0.2%.
"The fact that the major indices hit new five-week highs in a concerted fashion confirms the end of the August pullback, and barring another twist in the trade war, a larger scale rally is likely underway in the stock market," said Ken Berman, founder of Gorilla Trades, in a note.The U.S. economy added, the Labor Department said Friday. This marked the third straight monthly slowdown in jobs growth. Economists polled by Dow Jones expected jobs to grow by 150,000 last month.
"That payroll number was not great, but it's not bad," said Jeff Kravetz, regional investment director at U.S. Bank Wealth Management. "It probably keeps the Fed on track for a rate cut." Gregory Faranello, head of U.S. rates at AmeriVet Securities, said Powell's comments do not change the market's outlook for the September meeting. However, "should the data hold up for the remainder of 2019, it does raise the bar in the future for future easing."
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