Friday's weak jobs report boosted hopes that the central bank would cut rates, helping markets close out the week in the black.
 | FRI, JUN 07, 2019 | | | | DOW | | NAME | LAST | CHG | %CHG | | MSFT | 131.40 | +3.58 | +2.80% | | AAPL | 190.15 | +4.93 | +2.66% | | INTC | 46.03 | +0.93 | +2.06% | |
| | S&P 500 | | NAME | LAST | CHG | %CHG | | AMD | 32.41 | +0.59 | +1.85% | | BAC | 27.51 | -0.37 | -1.31% | | GE | 9.97 | +0.05 | +0.50% | |
| | NASDAQ | | NAME | LAST | CHG | %CHG | | AMD | 32.41 | +0.59 | +1.85% | | MSFT | 131.40 | +3.58 | +2.80% | | CMCSA | 41.48 | +0.33 | +0.80% | |
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Friday's brutal jobs report boosted hopes that the Federal Reserve would cut rates, helping markets close out the week in the black. The U.S. economy added 75,000 jobs in May — about half of what economists polled by Dow Jones expected. This is the second time in four months that jobs growth was less than 100,000. While overall job growth disappointed, there were a few pockets of strength with solid hiring in the health care, computer and digital design, and food service industries, CNBC's Tom Franck reports.  The manufacturing industry — a priority for President Donald Trump — posted a third straight month of weak hiring with just 3,000 jobs added in May after posting zero growth in March. Retail trade employment shed 7,600 jobs last month after a loss of 12,000 in April. The weaker economic data bodes well for those hoping for a rate cut. Fed funds futures moved sharply after the jobs report, and were forecasting a 95% chance of a quarter-point rate cut in July. As JJ Kinahan, chief market strategist at TD Ameritrade, put it, the market has a "conundrum." On its face, that was a lousy jobs report. But it "really makes the case for a rate cut, I think is why you're seeing the market hang in there." |
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