The stock market set another round of record closes on Friday after the October jobs report came in better than expected, boosting optimism about the economic recovery.
Pfizer announced a significant development regarding its easy-to-administer Covid-19 pill, which fueled hope for a smoother reopening, sending shares of airlines and cruise line operators soaring.
The DOW rose 203.72 points or +0.56%, to close at 36,327.95. The S&P 500 gained +0.374% to 4,697.53 for its seventh straight positive day, and the NASDAQ edged up +0.20% to 15,971.59. All three major averages reached their respective record-closing highs.
All three major indexes posted their fifth positive week in a row and finished solidly higher for the month. On a weekly level, the DOW gained +1.42%, the S&P 500 +2.00%, and the NASDAQ rounded out the week up +3.05%.
Bitcoin’s climb higher has slowed considerably, and you could argue that it’s in a sidelines mode with a weekly loss of -1.4% after two lackluster weeks. The exit level to a sidelines position is creeping now, standing at 56,425.00, which would give us a red weekly Trade Triangle indicating a move to the sidelines.
Key Levels To Watch Next Week:
Every Success,
Jeremy Lutz
INO.com and MarketClub.com
Source: https://www.ino.com/blog/2021/11/indexes-set-records-on-strong-jobs-report/
