Stocks traded mostly higher yesterday to kick off the second half of 2020 with the NASDAQ hitting yet another all-time-high.
The US Economy added 4.8 million jobs in June and the unemployment fell to 11.1% from 13.3% in May, suggesting that the employment picture is improving after a stunning collapse due to the pandemic. Economists polled by MarketWatch had predicted 3.7 million jobs were created or restored in June.
Shares of FedEx jumped more than 14% after the company’s fourth quarter results blew past analyst estimates on the top and bottom lines as consumers flocked to online shopping amid the pandemic. Wednesday’s gain in the stock represent’s the best day since September of 1986.
American manufacturers fired up their production lines in June and expanded for the first time since the start of the coronavirus pandemic almost four months ago, but growth hasn’t returned to precrisis levels and is unlikely to do so soon. The Institute for Supply Management said its manufacturing index climbed to 52.6% from 43.1% in May and an 11-year low of 41.5% in April.
With Northwest Quadrant Wealth Management, I’m Tyler Simones