Your Weekly Blip 11/6/20

Your Weekly Blip 11/6/20

Stocks ended the trading week in mixed fashion with the Dow down 66 at 28,323. Trading volume was higher. Banks were lower while tech and renewable energy did well. For the week the Dow gained over 7%.
October labor growth came in at a plus 638,000 new jobs topping estimates which had called for 575k new jobs. Notable gains included leisure and hospitality, construction and retail. The unemployment rate fell to 6.9% down from 7.9%. Average hourly earnings slipped 0.1% and are down 4.5% year over year. Overall this latest jobs report shows that while payrolls are still down 10 million from pre pandemic levels they continue to recover.
Shares of online real-estate firm Zillow went wild after the company reported better than expected results. Revenue was lower by 12% and earnings reversed a loss and came in at 16 cents per share. The company exited the quarter with record levels of cash at $3.8 billion. Traffic to Zillow’s apps and website increased 21% during the quarter. CEO Rich “homes” Barton said the results reflect impressive execution during a time of great challenge and opportunity as the housing market continues to be a bright spot in the economy.
Today marks the final day of business for KMS Financial Services. They have served as our back office for decades and have been wonderful to work with. Monday we will be on the new Securities America platform. Please remember that this back office change will not affect existing clients. In the meantime hats off to all the wonderful people who made KMS a trusted partner over these many years. God Speed.