Investors shrugged off Friday's massive jobs disappointment and the S&P 500 and Dow Jones Industrial Average both pushed their way to respective record highs.
 | FRI, MAY 07, 2021 | | | | DOW | | NAME | LAST | CHG | %CHG | | AAPL | 130.21 | +0.69 | +0.53% | | MSFT | 252.46 | +2.73 | +1.09% | | CSCO | 53.43 | +0.99 | +1.89% | |
| | S&P 500 | | NAME | LAST | CHG | %CHG | | AAPL | 130.21 | +0.69 | +0.53% | | GE | 13.30 | +0.09 | +0.68% | | F | 11.82 | +0.08 | +0.68% | |
| | NASDAQ | | NAME | LAST | CHG | %CHG | | AAPL | 130.21 | +0.69 | +0.53% | | PTON | 83.81 | +0.03 | +0.04% | | AMD | 78.81 | +0.92 | +1.18% | |
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Investors shrugged off Friday's massive jobs disappointment, and the S&P 500 and Dow Jones Industrial Average both pushed their way to respective record highs. The Labor Department reported that nonfarm payrolls grew by just 266,000 in April. While the number might have been good for an ordinary month in the U.S. economy, the Dow Jones estimate was for 1 million new jobs. Economists rarely miss projections by such a wide margin, but job losses in professional and business services, couriers and manufacturing offset a gain of 331,000 hospitality positions.  "I think this is just as much about a shortage in labor supply as it is about a shortage of labor demand," said Jason Furman, an economist at Harvard University and a former Obama administration advisor. "If you look at April, it appears that there were about 1.1 unemployed workers for every job opening," he said. "So there are a lot of jobs out there, there is just still not a lot of labor supply." The Dow finished the week up nearly 2.7% while the S&P 500 rose 1.2%. The Nasdaq Composite had another losing week, down about 1.5%. |
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