US Stocks finished the week marginally higher on the heels of a slew of economic reports and earnings season in full swing. US Markets are closed today in observance of the Good Friday Holiday.
The labor market continues to flex its muscle. The number of people who applied for unemployment benefits in mid-April fell for the fifth week in a row to a nearly 50-year low of 192,000, a remarkably small level of layoffs that gives the economy a sturdy foundation on which it can continue to grow despite recent hiccups.
Sales at U.S. retailers surged in March by the most in a year and a half, the latest in a string of reports suggesting the economy is firming up after a soft spell of growth earlier in the year. Retail sales soared 1.6% last month after slumping in the 1st quarter.
Two big tech IPO’s started trading yesterday on the NYSE and the NASDAQ. Zoom Video Communications soared over 75% in trading giving the company a value of over $10 Billion. A year ago, the company was valued at less than $1 Billion in a private funding round. Shares of Pinterest also soared over 25% in their first day of trading giving them a $10 Billion valuation. Wall St. is starting to feel frothy.
US Markets are closed in observance of the Good Friday Holiday.
With Northwest Quadrant Wealth Management, I'm Tyler Simones