Shared by @Black Wolf 11-6-21
Stocks rallied to fresh record highs Friday following a stronger than expected jobs report that showed 531,000 jobs added in October and a revised gain of 312,000 in September. All three major market indexes closed at new all-time highs, even after a late drop in tech stocks weighed on the final Nasdaq number. Pfizer said interim data showed its COVID-19 pill reduced the risk of hospitalization or death by 89%, which boosted classic reopening plays such as airlines and cruise ships. And positive momentum carried over from the Fed's signal this week that inflation is "transitory" and likely would not require a fast rise in interest rates. For the week, the S&P 500 gained 2%, pushing its year-to-date gains to 25%, the Dow added 1.4%, and the Nasdaq rallied 3.1% for its best weekly showing since April.