Dow registers record high close as US jobs data eases economic worries
Fri October 4, 2024 5:11 PM
After sitting on the fence all week, well no one was on the fence today. All three indexes opened the day on a high, then immediately took a dive until about 11:30 when they started a steady rise to close the day with big triple-digit gains. It was likely around 11:30 that the jobs report came out and was stellar. Not only did it come in with gains that far outweighed the forecast but even July and August were revised substantially upwards.
The unemployment rate also fell to 4.1%, all together data increasing confidence in the resilience of the economy. But the losses earlier in the week made the weekly gains only very slight, but still there. The only downside is that the stellar reports dampened confidence in a ½ point November cut, which today slide from 1 in 3 yesterday to less than 1 in 12 today. Volume however remains below the 12 billion-average, coming in at 10.9 billion.
DJ: 42,011.59 -184.93 NAS: 17,918.48 -6.65 S&P: 5,699.96 -9.58 10/3
DJ: 42,352.75 +341.16 NAS: 18,137.85 +219.37 S&P: 5,751.07 +51.13 10/4
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