An unexpectedly strong U.S. jobs report pushed stock markets higher on Friday as investors welcomed signs that the world’s largest economy is not slowing down as quickly as some had feared.
The Labor Department said a net 165,000 jobs were created in April, above the market expectations for 140,000. The previous two months’ weak figures, meanwhile, were revised up. That helped bring the unemployment rate down to 7.5 percent, the lowest December of 2008.
Any market dip recently has been met with new buying as any weakness continues to be considered any opportunity rather then a reason to panic. This unemployment report along with the generally positive earnings season may be the catalyst for the next leg up. The S&P500 is above 1600 and the DJIA briefly traded above 16000 for the first time.