Your Weekly Blip 12/4/20

Your Weekly Blip 12/4/20

Stocks were higher to close the trading week with the Dow gaining 248 points to close at 30,218. Trading volume was lower and for the week the Dow gained about 1% and closed at an all-time high. I am old enough to remember the days of the 80’s when brokers were cheering “Dow 3,000”. Today’s milestone is significant. Both IBD and BTS indicators remain positive.
The November jobs report was not a good as expected. The gurus were hoping for over 469k new jobs but the actual figure came in at 245,000. The unemployment rate continued to fall and now sits at 6.7% down from 6.9% the prior month. The lower jobs figure is being blamed on an upswing in virus infections and lockdowns.
Boeing yesterday said that Ryanair, Europe’s largest low cost carrier, has ordered 75 additional 737 Max jets in a deal that tacked on an additional $7 billion to the value of its exiting orders with Boeing. The total firm order now stands at 210 jets and Ryanair CEO Michael “Really” O’Leary said Boeing had agreed to accelerate delivery of these planes over the next 5 years. While this is good news for Boeing it is important to remember that over the past two years the 737Max has suffered close to 1,000 cancelations. Stan “Big” Deal, head of Boeing commercial airplanes unit said the order from Ryanair is a “big deal” and will help restore operations at the Renton plant where the Max jets are made.
In local news I found out this morning that the CEO of Ivar’s Restaurants has not taken a salary since February in an effort to keep employees on during the pandemic. Indoor dining has been shut down at Ivar’s so the walk up chowder bars are keeping things going but hats off to Bob for demonstrating what true leadership looks like. His fine company deserves our support.