The Dow Jones Industrial Average (AMEX:DJIA) closed at 33,153.21 on Good Friday, up 0.6% for the week. Investors may be looking to unwind from a busy week for the market on Good Friday, as cash trade in equities is closed till Monday due to the holiday.
U.S. stock-index futures rose in holiday-shortened trade after a solid March jobs report. The Labor Department reported that the U.S. added 916,000 jobs in March and the unemployment rate fell to 6%. The report surpassed expectations and signaled a rebound in the labor market.
However, the DJIA fell Thursday morning after a surprise jump in the Labor Department's weekly first-time jobless claims. The number of Americans filing for unemployment benefits rose by 16,000 to a seasonally adjusted 744,000. This was higher than the expected 680,000 claims. This unexpected increase raised concerns about the state of the job market and the economy's ability to recover from the pandemic.
U.S. stocks sank on Wednesday, and oil prices slipped amid two key pieces of data: the JOLTS job openings survey, which showed a softening in the labor market, and a report showing a rise in U.S. crude inventories. The S&P 500 and Dow Jones Industrial Average both fell, with the latter dropping 0.4%.
Stocks fell on Wall Street Tuesday following a pair of weaker-than-expected economic reports. The S&P 500 and DJIA both fell, with the latter dropping 0.3%. The Institute for Supply Management reported that its index of national factory activity fell to 64.7 in March from 60.8 in February, below economists' expectations. Additionally, data from the Commerce Department showed that construction spending fell 0.8% in February, also lower than expected.
The S&P 500 and the Nasdaq Composite booked their first losing week in four, while the DJIA gained a modest 0.6% for the week. The tech-heavy Nasdaq was hit particularly hard, falling over 2% on Thursday alone. Investors were likely selling off tech stocks in favor of more cyclical stocks as the economy recovers.
In today's trading session, stock indices finished in the green. The DJIA and S&P 500 both rose, with the former gaining 0.9% and the latter gaining 0.8%. The Nasdaq also rose, gaining 0.5%. Positive news about the COVID-19 vaccine rollout and the $2 trillion infrastructure plan proposed by President Biden likely contributed to the gains.
As of Friday, the DJIA is up 211.14 points or 0.63% for the week, closing at 33,153.21. The S&P 500 is up 0.8% for the week, closing at 4,019.87. The Nasdaq is up 0.5% for the week, closing at 13,480.11.
In Tuesday's confused session, the DJIA fell 0.6% at the closing bell, while the S&P 500 sliced off an equal loss. It was a choppy day for the market, as investors weighed concerns about rising COVID-19 cases against positive news about the vaccine rollout.
