Expectations of 50k jobs added were just about dead on this morning. Consensus for the unemployment rate was 6.7%, but that came in much better at 6.3%. In the wake of the open, stocks seemed to be enjoying the reading. New all-time highs were seen in the S&P, Nasdaq, and Russell. The Dow fell 40 ticks short of doing the same. In addition to the positive jobs data, the Senate voted to push through a $1.9 trillion covid relief package without any GOP support. The bill will now head to the House, where it is unlikely to face a whole lot of headwinds from the Dem majority.
Despite the good news, it looks like a lot of traders took advantage of the higher prices by taking some profits. The indices all showed short-term overbought readings when on their highs and are now heading back towards unchanged/negative. We’ll see whether or not we see another correction of note, but the fact that we’re already printing new all-time highs after what we witnessed last week shows you that the buyers are still out there.