Jerry Samet
02-03-2024, 11:11 AM
After the earnings reports that came out Thursday were well received, the employment report came out Friday morning much stronger than expected. After a mixed open the major averages mostly rallied into the close. All the major averages finished near the top of their intraday trading ranges. The Nasd averages led the way due to strength in big cap tech stocks. The COMPQ and the NDX gained 1.74% and 1.72% respectively. The SPX was higher by 1.07%. Volume was lower across the board. Leading stocks rallied as well with the leaders index gaining .96% on the day. The index closed in about the middle of its trading range on higher and above average volume. The market rallied yesterday after good earnings reports after the close on Thursday, especially from META. The employment report came in very strong and the market mostly brushed it off and rallied to new highs for the move, and all time highs for most of the major averages. The small and mid-cap stocks lagged as most of the action was in the big cap tech stocks. Volume was also lower. You would prefer to see higher volume as the Major averages rallied, but it didn’t happen this time. Market internals were fairly weak yesterday as the action was concentrated in the big cap stocks. Last week was the biggest week of earnings season and had some important economic news. It was a volatile week but it ended pretty well. The rally is intact and looks like it has more to run. Jerry