Stocks Closed At A Record, Ignoring A Bad Jobs Report
Published Friday, May 7, 2021 at: 6:31 PM EDT
With every other key economic fundamental indicator going strong, the stock market discounted the importance of this morning’s sorely disappointing jobs report, figuring it must be a statistical anomaly.
Like a driver ignoring the “check engine” light because they know it is caused by an electrical problem in the dashboard, stock market investors ignored the bad jobs report. The stock market surged seven-tenths of 1% on Friday and closed at a new record high, despite a much weaker than expected jobs report.
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