The day started off with lower-than-expected new job creation. But that hasn’t stopped the bull rally that began in March to continue to march higher.
All three major indexes, the Dow Jones Industrial Average, the Nasdaq Composite, and the S&P 500 have all posted new intraday record highs on Friday.
If the current levels hold, all three indexes will post record-high closes as well.
The market is forward-looking and appears to be pricing in a return to normal as several vaccines make their way through the approval process.
There was a hiccup on that front late Thursday afternoon. Pfizer Inc. (NYSE: PFE) announced a delay in vaccine shipments due to supply chain issues. The markets sold off sharply at the close but regained that ground and then some by the time markets opened this morning.
Political turmoil has most subsided after a bitter election season. President-elect Biden is poised to take office on January 20. And congressional opponents are showing signs of working toward a deal to provide additional stimulus.
The new jobs data was the weakest job growth since the economic recovery began in late spring.
This is a clear reminder that the market is not the economy.
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