Weak Jobs Report May Have Actually Helped the Markets

Because it puts more pressure on Congress to act
By Newser Editors,  Newser Staff
Posted Dec 4, 2020 3:04 PM CST
Weak Jobs Report May Have Actually Helped the Markets
The New York Stock Exchange is seen in this file photo.   (AP Photo/Seth Wenig)

A weaker-than-expected jobs report didn't hurt the markets on Friday. In fact, it might have helped as Wall Street pushed further into record territory, reports CNBC. The Dow rose 248 points to 30,218, the S&P 500 rose 32 points to 3,699, and the Nasdaq rose 87 points to 12,464. All the gains were under 1%. “In a twist of irony, the bad jobs number is positive for markets today,” Keith Buchanan of Globalt Investments tells the AP. The idea is that the weak numbers will add to the pressure on Congress to reach a stimulus deal. “The market is telling us today that if the labor market continues to show slowing momentum, it’s much more likely the powers that be in DC agree to something that’s material," says Buchanan.

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