Dow rallies more than 350 points as U.S. unemployment hits 50-year low

Jonathan Garber, FOXBusiness:

Stocks picked up momentum on Friday after Fed Chair Powell, in a speech, said the U.S. economy overall is in a “good place” even though it faces risks.

His comments follow the September jobs report, which showed the U.S. unemployment rate fell to a 50-year low.

Stocks rallied into the close, with the Dow Jones Industrial Average finishing on session highs, up 372 points or 1.4 percent. The S&P 500 and Nasdaq saw similar sized gains.

The U.S. economy added 136,000 jobs in September as the unemployment rate fell to 3.5 percent, its lowest since 1969, the Bureau of Labor Statistics said.

Tech and healthcare led broad gains for most of the S&P’s sectors with energy names rising the least. Apple shares rose after the Nikkei Asian Review reported the tech giant is ramping up iPhone production by 10 percent, or 8 million units, due to better than expected demand.

MacDailyNews Note: Shares of Apple rose $6.19 (+2.80%) today to it $227.01 for a market value of $1.017 trillion.

29 Comments

  1. Good news, but for the life of me, I can’t figure all of what’s happening. Topsy, turvy econ. Topsy, turvy politic. Topsy turvy news about both on a regular basis.

    1. Republican presidencies generally have a boom and bust cycle. Short term strategies to gain fast profit and growth for business. Fine for those who have plenty of money to handle the downside but plays havoc with those who over commit themselves to debt.
      As it stands, employment is at an all time low and salaries are on the up. Since the regulations on the credit industry have been relaxed, over ambitious mortgages will make house prices start to shoot up again and the economy will overheat as it did in 2007-08.

  2. It’s the end of the world. Just ask far left news site VOX:
    ————————————————————————————-
    The economy is slowing down. That’s bad for Trump.

    Job growth slowed a bit in September, with 136,000 new jobs added to the US economy, compared to 168,000 (revised) positions created in August, according to the latest jobs report from the Bureau of Labor Statistics. Wages actually fell.
    The slowdown — led by a loss of retail and manufacturing jobs — suggests that President Donald Trump’s trade war with China is hurting industries that depend on exports and imports.

        1. Citizen,

          This is not a group that appreciates satire or parody. If Mr. Trump retweeted Jonathan Swift’s “Modest Proposal,” they would respond by actually eating Irish babies.

    1. Wall Street Journal
      U.S. Unemployment Hit 50-Year Low in September

      By Sarah Chaney

      U.S. unemployment dropped to a half-century low in September and job growth continued at a modest pace, signs the economy is holding up despite a broader global slowdown.

      The jobless rate dropped to 3.5% in September from 3.7% in August, marking the lowest rate since December 1969 when it also logged in at 3/5%. Employers added 136,000 jobs in September, and payrolls for August and July were revised up, the Labor Department reported Friday.

      Job gains and historically low unemployment have helped buffer the U.S. economy against weakness in manufacturing at home and abroad that have stoked concerns of a deepening slowdown.

      A falling unemployment rate should allay fears of a recession, said Josh Wright, chief economist at iCIMS, INC., a maker of employee-recruiting software.

  3. I seem to recall all-time high is about $233. With all the stock buybacks, there are now fewer shares out there, so my shares are worth more than the last time at all-time high in terms of ownership of Apple 🥳

    1. I hope that comment was in jest. With fewer shares, you own a larger percentage of the company, but the share price is the value and it is not related to the number of shares.

  4. “unemployment rate fell to a 50-year low”
    Straight from the presses of Orwell’s Ministry of Truth. And the Ministry of Plenty reports that the millions of workers earning minimum wage at 20 hrs per week are thrilled that orange man has kept his promise to MAGA !!!

    1. Oh please. Most people working less than 40 hours per week intend to. Waiters, waitresses, people who are students or have other careers they’re working on. Someone making a $15 minimum wage makes about $31,000 per year and likely pays very little if any taxes. I could live on $31,000 per year quite comfortably even in Los Angeles. It’s a matter of budget and expectations.

      But I suppose you prefer people be on government assistance, which is typical. Better food stamps than a job. I get ya.

            1. you would reply to my posts with the ever so smug and fawning; “polite applause.”
              I’ll keep trying, because I want to be special in the superficial way.

              Btw, the “cult45 enema” thing is very mysterious and powerful…so avant-garde.

      1. TMac, how in the heck can you back up your statement that “most people working less than 40 hours per week intend to”? Do you have a verified statistic, or just a gut feel that everything is OK because you are OK?

        Let me guess…you are financially secure…very secure? Right?! You sound like an old fart, so you are probably retired or nearing retirement with at least a few million $$$ saved? It is no wonder that you feel safe and comfortable and want nothing more than another old fart in the WH telling you that he will keep those undocumented immigrants out of your backyard. And don’t worry about climate change…you will expire long before the @$&&# really hits the fan.

          1. yes. because humanity puts itself in peril. not that you care, the worst of the resource wars will be fought by your grandchildren. your generation is busy burning the last cheap oil in your ego-puffing land yachts. your children will bankrupt themselves trying to barricade the refugees from their little walled safe zones. what a great future …. NOT!

            1. Huh? I’ve just witnessed the deranged mind set adrift. I will guarantee my life is a lot greener than yours…but it still depends on cheap, efficient fossil fuels. But you go ahead…free yourself from it and live without.

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