Hope that you had a fantastic Easter break, didn’t miss us too much and are “raring to go” for what should be an exciting week ahead!
With over 916,000 new jobs created in March (vs. 652,000 forecasts), our US friends are certainly in a strong position as the economy “lifts” post Covid-19….
US retail sales are expected to surpass 8.5% this year and together with 0% rates and significant QE, the recovery seems like it is set to continue.
Those stocks with US exposure and earnings (ie BCC, CLB, MNS, RMD etc), should outperform.
Last night, stocks closed broadly higher on Wall Street Monday as the economy showed more signs that it’s continuing to recover.
The US government reported last week that employers went on a hiring spree in March, adding 916,000 jobs, the most since August.
Traders had a delayed reaction to the encouraging jobs report, which was released on Friday when stock trading was closed. Investors were further encouraged by a report on Monday showing that the services sector recorded record growth in March as orders, hiring and prices surged.
The S&P 500 rose 1.4 per cent to 4077.91, another record high after closing above the 4000-point mark for the first time on Thursday. The Dow Jones Industrial Average rose 373.98 points, or 1.1 per cent, to 33,527.19 and the Nasdaq was 1.7 per cent higher.
Technology stocks powered much of the gains on Monday. Apple rose 2.5 per cent and Microsoft gained 2.9 per cent. Tesla climbed 4.4 per cent following its encouraging report on vehicle deliveries.
The electric car maker delivered nearly 185,000 vehicles in the first quarter, beating Wall Street forecasts.
Treasury yields were mostly lower. The yield on the 10-year US Treasury note, which influences interest rates on mortgages and other consumer loans, slipped to 1.71 per cent from 1.72 per cent last last week.