Today was the bad news for the economy but it turns it into the good news for the stocks today.
Last month only 75,000 jobs were added in the non-farm United States economy which was less than the half that was expected by people 180,000, this statement was according to the Department of Labor. And this led Investors to think to best for themselves as the labor market will prompt The Federal Reserve to cut interest rates quickly rather than later. This year’s weak economic data pushed investors to sell their stocks, But now Fed has them buying stocks now.
Today we have seen some gains on the index where The S&P 500 and the Dow were up by 1.02% and 1.05% estimated and the Nasdaq Composite was up by 1.66%. The Entrepreneur Index was up by 1.52%.
The technology sector was nailing it, there were the biggest gains ever with Twitter 3.66% which had the biggest gain on the index while Alphabet Inc. was up by 2.08%, Facebook was up by 2.98%, and Amazon.com was also up by 2.83%.
Today we get a statement from Saudi Arabia saying that the oil cartel OPEC is likely to maximize the production of oil, getting the price of oil to 2.8% up today. Hess Corporation which is the producer of oil and gas was up by 1.86%. The stocks of the oil have risen from the last 2 days but it was 15% down in May but now it is recovering.
Now we are on our trusty favorite vehicle company which is Tesla, and today was bad news for tesla as its stocks fell down by 0.57% but in the last 3 days, its stock was 15% up. We have seen other losses for today also which includes Alexion Pharmaceuticals which was down by 0.35% and Apartment Investment and Management Co. has seen a downgrade of -0.7%.