Your Weekly Blip 1/8/21

Your Weekly Blip 1/8/21

Stocks ended the week with a small uptick 56 points to close at 31,097. Trading volume was well off from the prior day and both IBD and BTS indicators remain positive. For the Week the Dow came away with a 502 point gain or roughly 1.64% to an all time high.
December’s nonfarm payroll report came in with a loss of 140,000 jobs which is the first monthly decline since April. The gurus had expected 75k new jobs so this number was worse than forecast. The unemployment rate held steady at 6.7%. The job losses occurred mostly in the leisure and hospitality sectors while retail trade and construction showed gains. The labor force participation rate held steady at 61.5% while the average workweek for all employees fell by six minutes to 34.7 hours.
Shares of Boeing were lower after the company agreed to pay a $2.5 billion criminal fine related findings of a conspiracy to defraud the FAA in connection with two fatal crashes of the737 Max jet. The DOJ brought the case and said that some Boeing employees concealed material information from the FAA and then made an effort to cover up their deception. The $2.5 billion fine will be split into three parts with a $243.6 million penalty going to the Uncle Sugar, $1.7 billion going to customers who purchased the airplane and $500 million going to a victims beneficiary fund.