Stocks closed the week at a 4 month high as the Dow gained 107 to find rest at 17,792. The day began with an 80 point loss but stocks rallied into the close. Trading volume was higher and for the week the Dow gained about 1.5% or 277 points. The March recovery off of February lows has been unexpected and dramatic. Market historians are saying the last time such a recovery happened was in 1936!
The March jobs report came out today and was better than expected. The US economy gained 216,000 new jobs but the unemployment rate rose to 5% from 4.9%. Wage growth however was flat and this proved a disappointment to the gurus.
Oil fell almost 4.4% today after news that Saudi Arabia would not freeze production unless Iran froze its production first. WTI crude ended the day at $36.63 a barrel. Gold also fell $11 an ounce to $1,223.
Tesla shares were higher after the company unveiled the Model 3 and it was reported that 135,000 people paid the $1,000 fee to stand in line and be on the list for the car when it rolls off the production line in late 2017. The signup tally was higher than estimates and bodes well for the company as it works to bring this new rig to market.
Have a great weekend. This weekend I am taking 25 scouts on an overnight to Bremerton.