Friday was a volatile day on Wall Street as investors digested the premarket employment data. Originally stocks jumped higher as the non farm payroll number beat expectations for the first time in 3 months (even as the unemployment rate rose) but in the mid morning sold off quite sharply. The rest of the session was random as indexes finished mixed with the S&P 500 up 0.05% and the NASDAQ dropping 0.37%. This is the second day of underperformance by the NASDAQ vs the other indexes.
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Another session of mild digestion after Tuesday's large rally; stocks started off strong but gave up some steam late in the day. We ended with mixed indexes; the S&P 500 gained 0.17% while the NASDAQ fell 0.13%. Tomorrow pre-market we will get labor data from the U.S. government; it has been two bad months in a row in terms of non farm payroll gains so people will be watching to see if there is some reversion to mean and some revisions upwards to the last 2 months of data due to weather. Since the bar is so low tomorrow any positive number might be enough to give the market a jolt to push it up to the upward extreme level on the NASDAQ chart below.
A very quiet session Wednesday digesting the big gains Tuesday. Indexes were in a very tight range all day vacillating around the unchanged mark. At the end of the day we had the S&P 500 down 0.01% and the NASDAQ up 0.14%. We continue to see weaker economic data in most reports and we continue to see bulls say it is all weather related. So the bull market continues.
You can't keep a good market down. After a 1 day selloff, markets came roaring back today - gapping up at the open and grinding higher all session. Comments from Putin seemed to lessen tensions. Dip buyers have been trained to buy every dip as well, as we have a long litany of these type of crisis - Syria, Egypt, etc. The S&P 500 gained 1.53% and the NASDAQ 1.75%.