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S&P 500, Dow Rebound as Labor Market Strengthens

Stock MarketsMay 13, 2021 01:15PM ET
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© Reuters.

By Christiana Sciaudone

Investing.com -- Wall Street bounced back from a nasty bout of losses as the labor market appeared to strengthen.  

The number of Americans filing new claims for unemployment benefits fell more than expected last week, with companies scrambling to find workers as demand booms. Initial claims for unemployment benefits fell 34,000, to 473,000 for the week ended May 8. Meanwhile, producer prices increased 0.6% in April, more than expected and the biggest annual gain since 2010, Bloomberg reported.  

The S&P 500 rose 0.8%, while the Dow Jones Industrial Averagerose 0.93%. NASDAQ Composite started the day in positive territory but later wobbled, now up 0.1%.  

Energy was the only sector seeing a decline as the Colonial Pipeline was switched back on after being hit by a ransomware attack. 

Bitcoin was another loser, slipping more than 10% to under $50,000 after Elon Musk said Tesla (NASDAQ:TSLA) would no longer accept purchases using the cryptocurrency, reversing a relatively new decree.  Tesla was also trading lower, about 3%.

In earnings, Alibaba (NYSE:BABA) fell after reporting a net loss resulting from a $2.8 billion fine in an anti-monopoly investigation. Canada Goose Holdings Inc (NYSE:GOOS) reported its best fiscal fourth quarter, but shares fell on higher spending and executive comments that tourism is not expected to return to normal this year. Bumble Inc (NASDAQ:BMBL) was also lower, despite beating estimates.

Facebook (NASDAQ:FB), Amazon (NASDAQ:AMZN), Apple (NASDAQ:AAPL), Netflix (NASDAQ:NFLX) and Google parent Alphabet (NASDAQ:GOOGL) all rallied to push the Nasdaq higher.

Boeing (NYSE:BA) was up nearly 4% after the company secured a much-awaited nod from the Federal Aviation Administration for an electrical fix that had kept some 100 planes of its 737 MAX series grounded.   

Peloton (NASDAQ:PTON) rose almost 6% after a hedge fund boss and asset manager called the stock a buy and dismissed the impact of the treadmill  recall.

Lowe's (NYSE:LOW) was also higher thanks to an Oppenheimer upgrade despite the easing of the pandemic that helped it rally to a record earlier this week. 

AMC Entertainment (NYSE:AMC) rose after raising $428 million in fresh equity.    

 

S&P 500, Dow Rebound as Labor Market Strengthens
 

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Comments (11)
Eddie Smith
Eddie Smith May 13, 2021 3:49PM ET
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Hard to take this economy/market/media/government seriously...Last week's headline: "Market up after terrrible job report as rate hike fears ease." Yesterday's headline: "Market tanks due to rate hike fears after highest inflation rate since the 1970s." Today's headline: "Market euphoric after better than expect jobs report."...Tomorrow's headline: "Market sees biggest drop of the year as rate hike fears return."
Jack Zhang
Jack_A May 13, 2021 3:49PM ET
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someone writes for money 💲
Mitchel Pioneer
Mitchel Pioneer May 13, 2021 3:11PM ET
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Yesterday's loss miraculously vanishes in one fell swoop.  Fraudulent, criminally manipulated joke.
Rodolfo Barraco
Rodolfo Barraco May 13, 2021 3:06PM ET
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More workers=more inflation. If market is afraid of inflation this is bad news...
Mark Jannetty
Mark Jannetty May 13, 2021 3:03PM ET
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I can solve employers and the countries problem with 1 quick action. fire all of Congress and their staffs. this will save millions and the only other job they are qualified for is dishwashers. problems solved
Hanna Tim
Hanna Tim May 13, 2021 2:46PM ET
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one day unemployment rate good market panic and drop like crazy one day unemployment rate good it is going up up up this means market is not acting consistently just excuse here and there blah blah blah up down another excuse but makes no sense
Hanna Tim
Hanna Tim May 13, 2021 2:46PM ET
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one day unemployment rate good market panic and drop like crazy one day unemployment rate good it is going up up up this means market is not acting consistently just excuse here and there blah blah blah up down another excuse but makes no sense
Leon Kelly
Leon Kelly May 13, 2021 2:41PM ET
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This is a dead cat bounce.. the Dow will continue to after a rejection at 34223. If your long, Vaya con dios
Mitchel Pioneer
Mitchel Pioneer May 13, 2021 2:39PM ET
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Another routine day in the biggest investment JOKE in the world, as the 2PM FRAUD unfolds with the predictability of the setting sun.
SPYRIDON PALAPELAS
SPYRIDON PALAPELAS May 13, 2021 2:06PM ET
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Right! But the broader market, small cap and some mid cap, and individual investors being slaughtered 3 months now...If this is a healthy market  then, I am an astronaut.!
Mike Brarey
Mike Brarey May 13, 2021 1:59PM ET
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you haven't understood yet... in this market good news are bad news.
NUNO LOUREIRO
NUNO LOUREIRO May 13, 2021 1:59PM ET
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Yes, means FED will think about tapering early if the unemployment keeps dropping
Chibuzor Samuel
Chibuzor Samuel May 13, 2021 1:59PM ET
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Yes
israr khan
israr khan May 13, 2021 1:22PM ET
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yes i am hrar
 
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