It may take more than a much-weaker-than-expected April jobs report to kill the U.S.
“The bottom line is that it was a disappointing jobs report,” said Jeff Schulze, investment strategist at ClearBridge Investments, in a phone interview.
It ended the day up 0.9%, leaving it with a weekly fall of 1.5%.
Today the market has processed the bad economic news and it is a positive for the equity bull market,” said David Donabedian, chief investment officer at CIBC Private Wealth, in emailed comments.
A drop in bond yields can be a positive for gold by lowering the opportunity cost of holding nonyielding assets.
Cyclical and value stocks, which had solidly outperformed their growth-oriented peers over the past week, weren’t exactly punished.
Meanwhile, despite rising earnings estimates for coming quarters, analysts are likely still underappreciating the scope for earnings growth, particularly for cyclically sensitive companies that are typically able to leverage economic growth in the early stages of an expansion, he said.
“No one is doubting the economic recovery,” Donabedian said.
a measure of the currency against a basket of six major rivals, slumped 0.7% to trade at its lowest since Feb.
As Europe gets a handle on vaccine rollouts, its economy will also begin to spring back to life, putting an end to a run of U.S.
Before moving to New York, he reported for MarketWatch from Frankfurt, London and Washington, D.C.