Markets are skyrocketing at the moment.
The Dow is up 404. The NASDAQ is up 184, as the S&P 500 soars about 58 points. All thanks to higher expectations for a quick economic recovery on the heels of jobs numbers. On Friday, we learned the economy added another 916,000 jobs, sending the unemployment rate to 6%.
“This reflects the lifting of restrictions, ramp-up in vaccinations and boost provided by the fiscal stimulus,” said Anu Gaggar, senior global investment analyst at Commonwealth Financial Network, as quoted by CNBC. “Faster jobs and wage growth can have an upward pressure on prices and test the Fed’s patience with easy monetary policy.”
- Leisure and hospitality jobs increased by 280,000 in March
- Construction added 110,000 jobs in March, following job losses in the previous month
- Employment in professional and business services rose by 66,000 over the month.
- Manufacturing employment rose by 53,000 in March, with job gains occurring in both durable goods (+30,000) and nondurable goods (+23,000).
- Transportation and warehousing added 48,000 jobs in March.
- Retail trade added 23,000 jobs in March.
- Mining jobs were up by 21,000 in March.
- Financial activities added 16,000 jobs in March.
Better, the economy is expected to boom in the second quarter, especially if we see retailers, restaurants, hotels, gyms, and other businesses reopen. If pandemic numbers don’t increase wildly, we could even see the Dow hit 40,000 this year.
One of the biggest problems we need to worry about though, is Russia.
There are fears of World War 3 as experts warn the Ukraine crisis could escalate in just weeks, reports Express. “The expert said the West is right to be alarmed after unverified new footage appeared to show military movements in Russia’s Voronezh, Rostov and Krasnodar regions.”
Let’s hope nothing happens.