Two pieces of good news drove US stocks higher on Fri. The Oct jobs report
from the US Department of Labor was better than expected, and Pfizer (PFE
US, +10.86%) said that its Covid-19 pill cut the risk of hospitalization or death by
89% in high-risk adults who’ve been exposed to the virus.
The Dow Jones Industrial Average gained 203.72 pts, or 0.56%, to close at
36,327.95 on Fri. The S&P 500 index rose 0.37%, The tech-heavy Nasdaq
Composite advanced 0.2%.
The US economy added 531,000 workers in Oct and Sep’s figure was revised
up significantly to 312,000. The unemployment rate edged down to 4.6%.
Usually, good economic data pushes bond yields higher, but on Fri, the yield on
the 10-year Treasury note slipped 7.48 basis points (bps) to 1.4513%.
WEALTH DAILY 2021-11-08
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