Wall Street Loved the Latest Jobs Report

March 9, 2018
Updated 13d ago

Markets surged nearly two percent on Friday after a report the economy added more jobs than expected in February.

Daniel Ives, chief strategy officer and head of technology research at GBH Insights, told Cheddar this was exactly what investors needed.

“This was a Goldilocks job number,” he said. “It really was right in the middle of the fairway.”

The Bureau of Labor Statistics said Friday morning that the U.S. created 313,000 jobs in February, the biggest number in one-and-a-half years and better than estimates for 200,000 new payrolls.

That gave investors confidence in the country’s growth, but wasn’t so strong it sparked fears of economic overheating. Their optimism sent the Dow Industrials up over 440 points and put the Nasdaq at record highs.

Ives said that could be a sign of things to come.

“You see Apple’s new high, Netflix’s new high,” he said. “If core fundamental earnings continue to be up into the right, with FANG names front and center…I think this really could be the start of an interesting two to three week period of making new highs.”