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Stock Market Today: Dow in longest weekly win streak since 2019 as rally continues

Published Dec 07, 2023 07:22PM ET Updated Dec 08, 2023 04:29PM ET
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Investing.com - The Dow rose Friday, notching its longest weekly wining streak since 2019 after a stronger-than-expected jobs report added to optimism that the U.S. economy will avoid a recession amid ongoing bets for a rate cut early next year.

By 16:00 ET (21:00 GMT), the benchmark S&P 500 rose 0.5% to a new closing high for the year of 4,604.37, and 30-stock Dow Jones Industrial Average rose 0.4%, or 130 points, notching a sixth weekly win. The tech-heavy Nasdaq Composite rose 0.5%.

Nonfarm payrolls spring upside surprise in November

Nonfarm payrolls increased by 199,000 jobs last month after rising by 150,000 in October, according to data from the Labor Department's Bureau of Labor Statistics (BLS). Economists had estimated that payrolls would climb by 180,000 roles.

Average hourly earnings, a key gauge of wage growth, rose at a monthly pace of 0.4% versus October, accelerating from a previous reading of 0.2% and faster than predictions of 0.3%. The unemployment rate in the world's largest economy, meanwhile, unexpectedly ticked down to 3.7%.

The uptick in wage growth, which risks boosting inflation, muddied the optimism for rate cuts, pushing Treasury yields higher, though some economists were quick to downplay the strength of report attributed to the return of employers that were on strike.

"Were it not for the strike, November would have been somewhere around 170k and October would have been around 180,000," Jefferies said in a Friday note.

Bets on an early March rate cut remained largely intact, falling to 44.3% from 54.3%, helped by a University of Michigan survey showing inflation expectations for the next 12 months dropped to 3.1% in December from 4.5% last month.

Broadcom rises despite soft guidance; Lululemon shrugs off weaker fourth-quarter guidance

Broadcom Inc (NASDAQ:AVGO) was 2% higher after reporting quarterly results that topped Wall Street, though the chipmaker refrained from providing guidance for the current quarter. The lack of Q1 guidance "creates undoubtedly creates uncertainty in the near term," Deutsche Bank said in a note.

Lululemon Athletica (NASDAQ:LULU) jumped more than 5% despite the activewear group reporting fourth-quarter revenue guidance that missed consensus estimates.

The weaker guidance followed better-than-expected Q3 results and upbeat commentary from management on "quarter-to-date performance (including Black Friday week), leaving room for further upside to numbers this year," Wedbush said in a recent note.

Docusign in turnaround after quarterly results; Smith & Wesson Brands, Bluebird Bio tumble

DocuSign Inc (NASDAQ:DOCU) shares reversed earlier losses, rising 6%, even as the e-signature business presented a margin guidance that some analysts considered to be cautious.

Shares in Smith & Wesson Brands (NASDAQ:SWBI) tumbled 9% after the gunmaker company reported earnings per share of $0.14 in the second quarter, below expectations.

Bluebird Bio (NASDAQ:BLUE) fell 40% after analysts at Morgan Stanley improved their rating of the gene-therapy firm to "equal-weight" from "underweight."

Energy stocks rise, but set for sharp weekly decline as wreck in oil prices weigh

Energy stocks are set to end the week more than 3% lower despite a jump on Friday amid losses owing to a sharp fall in oil prices earlier this week.

Oil prices ended the day 2% higher, but that wasn't enough to stave off a seventh-weekly loss as concerns about oversupply and weaker demand persist.

Scott Kanowsky and Oliver Gray contributed to this report.

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Stock Market Today: Dow in longest weekly win streak since 2019 as rally continues
 

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Comments (19)
Richard Warden
Richard Warden Dec 09, 2023 9:44AM ET
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Some 'fundamentals' and 'macro trends' rarely if ever mentioned as serious national financial concerns: US National Debt, as of 12/09/23, is $33.9 trillion (See Usdebtclock.com) US interest paid on the debt alone spiked to $659 billion, nearly doubling in 2 years. US consumer credit card debt is at an all time high of $930 billion. Energy costs have decreased but December, food costs jumped 10.4% annually and rent increased 8.3% A record 12,000 migrants crossed the US border in a single day this week. Each person that crosses the US border illegally is given a $5,000 gift card. In no possible world is the present course sustainable. It seems the Biden admin is looking for votes based on a perceived debt from migrants, however, the direction of crashing of the US welfare system seems to be in keeping with the Cloward-Piven Strategy and could not possibly bode well for the stock market and economy in general.
First Last
First Last Dec 09, 2023 9:44AM ET
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False:  "AP’S ASSESSMENT: False. People who enter the U.S. illegally are not eligible for federal cash assistance, with the exception of certain Cubans and Haitians, immigration experts told The Associated Press. Refugees and people granted asylum, as well as some other humanitarian migrants, are entitled to certain public benefits, including cash assistance related to their initial resettlement, though it is not as high as $2,200 each month.     THE FACTS: Social media users are falsely claiming that people in the U.S. illegally receive thousands of dollars in monthly payments from the federal government, an issue that has been misrepresented before online."  --  Oct 23, 2023, apnews.com .  And Cuban-Americans are majority Republicans.  Red state Florida benefits most from "exception of certain Cubans and Haitians".
Richard Warden
Richard Warden Dec 09, 2023 9:44AM ET
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First Last  Mark Lamb, sheriff of Pinal County, Arizona said his sources at the border confirmed the $5,000 gift cards given to border crossers and the reason why the government is in denial is as follows:  "The government can make the claim that they aren't directly paying for it, because each dollar first goes from the government to a non-government institution like a charity before it is used to pay for the illegals," he said. Apparently not monthly, but an entry gift.
First Last
First Last Dec 09, 2023 9:44AM ET
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"Each person that crosses the US border illegally is given a $5,000 gift card" --  That's false:  "AP’S ASSESSMENT: False. People who enter the U.S. illegally are not eligible for federal cash assistance, with the exception of certain Cubans and Haitians, immigration experts told The Associated Press. Refugees and people granted asylum, as well as some other humanitarian migrants, are entitled to certain public benefits, including cash assistance related to their initial resettlement, though it is not as high as $2,200 each month.     THE FACTS: Social media users are falsely claiming that people in the U.S. illegally receive thousands of dollars in monthly payments from the federal government, an issue that has been misrepresented before online."  --  Oct 23, 2023, apnews.com .  And Cuban-Americans are majority Republicans.  Red state Florida benefits most from "exception of certain Cubans and Haitians".
First Last
First Last Dec 09, 2023 9:44AM ET
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Only 2 sources, and both right-leaning, one Chinese: ground.news/article/arizona-sheriff-mark-lamb-every-illegal-alien-crossing-border-received-5-000-gift-card    Why is Mark Lamb, who said sheriffs are the supreme legal authority in America and who, like Trump, is a retrumplican politician involved in charity fraud, talking only to a far-right Chinese media about things he doesn't have 1st-hand knowledge of?  And why do you believe him?
Barry Nickerson
Subbuilder Dec 09, 2023 5:56AM ET
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It only took 2 years of the highest inflation rates in decades to bring the market back to where it was three years ago.  Companies charging higher prices, while blaming the supply chain, and using shrinkflation, to rake in more now hyper-inflated dollars, so they can call it record profits.  As a consumer, I'm disgusted by it all.  Example: coffee is up about 50 cents a pound from two years back, so I now pay $2 more for my 25 ounce container.
First Last
First Last Dec 09, 2023 5:56AM ET
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The S&P 500 is ~25% above "where it was three years ago."
Barry Nickerson
Subbuilder Dec 09, 2023 5:56AM ET
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First Last S&P500 was at $4700 on 1/1/2021.  What happened after that date to make it go down is anybody's guess.
First Last
First Last Dec 09, 2023 5:56AM ET
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Barry Nickerson   1/1/2021 is NOT three years ago.
Barry Nickerson
Subbuilder Dec 09, 2023 5:56AM ET
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First Last You are correct.  Then who was in charge from 1/1/20 to 1/1/2021?
Rob Omes
Rob Omes Dec 08, 2023 6:27PM ET
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It's one big fake and the FED agrees on that. Grabflatiness will end. Its a bubble...
First Last
First Last Dec 08, 2023 6:27PM ET
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As long as I can exchange the profits from the market for real-world goods/services, it's not "fake".  And sure it will end ... as sure as humanity will end.  It'll keep going as long as humanity keeps growing in population, tech/science, productivity, money supply, etc.
First Last
First Last Dec 08, 2023 6:27PM ET
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As long as I can exchange the profits from the market for real-world goods/services, it's not "fake".  And sure it will end ... as sure as humanity will end.  It'll keep going as long as humanity keeps going in population, tech/science, productivity, money supply, etc.
First Last
First Last Dec 08, 2023 6:27PM ET
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As long as I can exchange the profits from the market for real-world goods/services, it's not "fake".  And sure it will end ... as sure as humanity will end.  It'll keep going as long as humanity keeps going in population, tech/science, productivity, money supply, etc.
First Last
First Last Dec 08, 2023 6:27PM ET
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As long as I can exchange the profits from the market for real-world goods/services, it's not "fake".  And sure it will end ... as sure as humanity will end.  It'll keep going as long as humanity keeps going in population, tech/science, productivity, money supply, etc.
First Last
First Last Dec 08, 2023 6:27PM ET
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As long as I can exchange the profits from the market for real-world goods/services, it's not "fake".
Stan Smith
Stan Smith Dec 08, 2023 6:01PM ET
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Any idea where all of this liquidity being pumped into stock is coming from? Savy investors?...No...A health economy? No... Central Banks? Bingo. Liquidity created out of thin air to fool you into believing all is well
Kingdom Friend
Kingdom Friend Dec 08, 2023 6:01PM ET
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Election Year Liquidity
Brad Albright
Brad Albright Dec 08, 2023 5:47PM ET
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Damn you President Biden!
Kevin Pe
Kevin Pe Dec 08, 2023 5:42PM ET
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I thought a hotter than expected jobs report meant Jerome Powell would have to keep rates higher for longer. The point is it didn't matter, they were going to do everything in their power to close this above 460 today and add a little cushion for the upcoming data.
First Last
First Last Dec 08, 2023 5:42PM ET
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or "to keep rates" paused/neutral "for longer."
Maximus Maximus
Maximus Maximus Dec 08, 2023 5:30PM ET
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Bidenomics baby!
First Last
First Last Dec 08, 2023 5:30PM ET
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Go Bidenomics!
Taylor Huddlestun
Taylor Huddlestun Dec 08, 2023 5:26PM ET
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The data is completely pointless anymore. For 6 weeks, every single piece of data has been interpreted as bullish. Even though most of it has not been. All because of completely BS rate cut rumors
Stan Smith
Stan Smith Dec 08, 2023 5:26PM ET
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Its a meaningless charade...fundamentals no longer apply. Everything is distorted because of all the FED and CB meddling and liquidity pumps.
First Last
First Last Dec 08, 2023 5:26PM ET
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Remember when the market was bullish on rate pause "rumors" and the bears were saying the Fed will hike to > 10% and that everything will collapse in another Great Depression and we should all sell?  Did you call bovine patty then like I did?
elliot trach
elliot trach Dec 08, 2023 5:26PM ET
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That is the nature of it••••In a Bull Market news is interpreted positively, in a Bear Market the same news is interpreted negatively, ignored or explained away. You must learn that Sentiment is a huge factor. It is not all in the numbers. 3 factors---Fundamentals, Valuation, and Sentiment. Like 3 legs on a stool, three legs holding up a stool.
Merica Moment
Merica Moment Dec 08, 2023 5:01PM ET
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Does anyone remember what happened after 2019? 2020…
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First Last
First Last Dec 08, 2023 5:01PM ET
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Both 2019 & 2020 are green years.  Currently, US doesn't have an idiot potus telling the people to inject disinfectants like it had in 2020.
First Last
First Last Dec 08, 2023 5:01PM ET
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Both 2019 & 2020 are green years.  Currently, US doesn't have a deplorable potus telling the people to inject disinfectants like it had in 2020.
Brent Phillips
Brent Phillips Dec 08, 2023 5:01PM ET
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First Last both years were green and you still insult the dude. man you are so small
First Last
First Last Dec 08, 2023 5:01PM ET
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Brent Phillips    2020 was green as I already said, but did make > 3 years low, which is what Merica was imply will happen in 2024.  He's insulting Biden by implying Biden is like Trump.
First Last
First Last Dec 08, 2023 5:01PM ET
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Brent Phillips   And 2020 recovered in the 2nd half of 2020 despite Trump because the market saw from polls Trump will lose 2nd term.
Rajesh Kumar
Rajesh Kumar Dec 08, 2023 4:03PM ET
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Now exchanges use Algos trading. So statistics, job / unemployment numbers etc does not matter. Final outcome of government policy is decided by the algos. If the Algo program says 'no effect' of non farm payroll, then market will fail to show effect.
Casador Del Oso
Casador Del Oso Dec 08, 2023 4:03PM ET
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When almost everyone is in debt and can't afford to own anything they will say no effect on the economy.
TheLast LoserDon
TheLast LoserDon Dec 08, 2023 4:03PM ET
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I see lots of people spending and buying and having good times. try to have a positive outlook and enjoy life Oso. Another great week for investors. thanks Dark Brandon.
First Last
First Last Dec 08, 2023 4:03PM ET
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Algos trading has been a thing for years/decades.  Not a "now" thing.
 
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