Stocks Mixed, But Strong Earnings And Jobs Market Exudes Strength Image: Bigstock Stocks closed narrowly mixed yesterday with the Dow and the S&P finishing slightly lower, while the Nasdaq finished slightly higher. Strong earnings propelled stocks to new highs last week. And Friday's stronger than expected jobs report suggests the best is yet to come. Even with Friday's upside surprise of 943,000 new jobs created last month, many still believe these numbers were held down due to supply disruptions and worker shortages, brought on, in part, by the extended unemployment benefits that incentivized some workers to stay home rather than go back to work. But with extended unemployment benefits scheduled to end in September, and many now being 'forced' to return to the workforce, that will begin to bring relief to both supply shortages and worker shortages while simultaneously easing inflation concerns as well. And there are a lot of jobs to fill. In fact, it was just reported in the Job Openings and Labor Turnover Survey (JOLTS) report, that we have a record 10.073 million job openings. This suggests strong jobs growth for months and months and months to come. This truly does look like the beginning of a multiyear boom ahead. And with that, it looks like both the economy and the market have a lot more upside to go. So make sure you're taking full advantage of it. See you tomorrow, Kevin Matras Executive Vice President, Zacks Investment Research |
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