This morning the worst Jobs Report ever was released: April showed that a record 20.5 million Americans lost their job.
And the Unemployment Rate jumped from 4.4% to 14.7%, the highest since World War II.
So why are markets rallying? - More than anything, traders are counting on the “worst” being behind us. With more and more states opening back up for business and the government and Fed feeding the economy with stimulus, traders are hoping that April is as bad as it gets.
And the NASDAQ finished higher for the 5th day in a row, closing at the best levels since February 24th!
Crude Oil (CL) bounced back after yesterday’s reversal. Up 4.9%, Crude Oil ended the day at 24.71 a barrel.
Apple (AAPL) wasup 2.1% after saying they will reopen Apple Stores next week. Apple closed at the highest level the stock has seen since February 21st.
And the airlines got a nice boost as well: American (AAL) wasup 6.3%, United (UAL) jumped 11.7%and Delta (DAL) washigher by 4.8%.
Earnings season is winding down. Under Armour (UAA), Cisco (CSCO) and Marriott (MAR) are a few of the bigger names reporting next week.j