Dow rallies 300 points at the open on monster U.S. jobs report, tech stocks jump

“Stocks jumped on Friday as Netflix and Intel led a strong rebound in tech shares while Wall Street looked through a monster jobs report,” Fred Imbert reports for CNBC. “The Dow Jones Industrial Average rose 342 points as DowDuPont, Intel and Caterpillar outperformed. The S&P 500 gained 1.1 percent, with the tech sector gaining more than 1.5 percent. The Nasdaq Composite climbed 1.5 percent.”

“Facebook, Amazon, Apple and Google-parent Alphabet all rose more than 1 percent,” Imbert reports. “Tech’s move higher took place after the sector fell 5.07 percent on Thursday, its worst daily performance since Aug. 18, 2011, when it fell 5.35 percent. The sharp move lower was triggered by a dire quarterly warning from Apple, which propelled the tech giant’s stock to its worst day in six years and dampened market sentiment across the world. Apple slashed its fiscal first-quarter revenue guidance earlier this week, citing an unexpected slowdown in China.”

“Friday’s gains also come after the release of stronger-than-expected employment data. The U.S. economy added 312,000 jobs last month, much more than the expected 176,000,” Imbert reports. “JJ Kinahan, chief market strategist at TD Ameritrade, said the report helps dispel some of the lingering concerns about a global economic slowdown. ‘We created jobs across the board; I don’t think most of it was seasonal,’ Kinahan said. ‘But the most interesting thing on this report was the amount of people who left their jobs voluntarily. I think that’s a really good consumer-confidence measure.'”

Read more in the full article here.

MacDailyNews Take: A strong U.S. economy and strong U.S. consumer confidence are good news for Apple and can help to offset the current weakness in China as U.S-China trade negotiations proceed.

Advisor to President Trump: Apple’s sales should pick up when U.S.-China strike trade deal – January 3, 2019
U.S. job creation surged way more than expected in December – report – January 3, 2019


  1. Wall street is not the economy.

    Under Obama jobs numbers were referred to as fake or manipulated. It was also said there was a weak recovery. Enter Trump and……….

    2017 major hurricanes flooded the economy with private insurance and fed money skewing economic numbers.
    The US toy industry shrunk by 20% when Toy-R Us liquidated in 2018.
    2018 Ford announced they are existing the car business focusing instead on trucks & SUV’s for consumers by 2022.
    2018 GM announced it would close four plants and lay off 15K US workers and eliminate six car models by 2019
    2018 was a record year for retail store closures by footage.
    2018 Sears files for bankruptcy protection in Oct. with 700 stores. Today they have about 450 stores that are not in the process of being liquidated. There is a proposal to partially liquidated and end up with only 250 stores.
    2018 JC Penny fell in the stock exchange to under $1.00
    2018 Rite Aid also fell to under $1.00
    Home ownership the lowest in over 50 years.
    Consumer credit card debit at record trillion dollar level yet stores keep closing.

    Something is not adding up

    1. Imagine that you work for the Federal Government in one of the shut down departments. You read the following stories in the news:

      The President says that the shutdown may last for months or even years. You are not being paid, even though you may be required to work. If you work for some agencies (like the IRS) you cannot take a second job without approval, which you cannot get because of the shutdown. You will not be getting a tax refund to help tide you over

      1. The President has signed an executive order freezing all federal civilian wages, so you won’t be keeping up with inflation even when you do get paid. If you get paid—historically, federal contractors like janitors and cleaners are not reimbursed after a shutdown.
        The private job market is adding jobs much faster than expected, creating a great climate for applicants.

        After reading those stories, are you not going to consider mailing in your resignation and moving into the private sector?

        This might be good news for Apple and other employers, since it will increase the pool of applicants with technical experience, but I’m not sure it will be good news for Americans who rely on having experienced public employees to provide essential services.

        Which is going to have a bigger impact on national security, not having a Wall or not having any experienced members of the Border Patrol and Coast Guard?

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