S&P 500 rises despite Non-Farm Payrolls disappointment
The S&P 500 rose to an all-time high on Friday despite Non-Farm Payrolls severely missing the forecasted number.
After many had expected the U.S. labor market to show huge growth in April. Payrolls came in at 266,000 jobs last month, versus expectations of 978,000.
This came as data for March was also revised lower. Showing that 770,000 jobs were added instead of 916,000 as previously reported.
Friday’s number also prompted President Biden to comment. Stating that, “Today’s report just underscores in my view how vital the actions we’re taking are. Our efforts are starting to work. But the climb is steep, and we still have a long way to go.”
As of writing the S&P 500 was up 0.65%, hitting a record high in the process.
Bitcoin rallies despite Bank of England warning
After a choppy week of trading, Bitcoin prices rebounded on Friday as the world’s most valuable cryptocurrency edged closer to the $60,000 level.
This came despite comments from Bank of England Governor, Andrew Bailey dismissing the value of the coin.
Bailey, who recently voted in the MPC to keep UK interest rates unchanged. Stated, “They have no intrinsic value, Now, that doesn’t mean to say people don’t put value on them because they can have extrinsic value”.
The BOE head went on to add, “Currency and crypto are two words that don’t go together for me, I try to use the more neutral ‘crypto assets”.
He then gave a stark warning to investors in crypto. Stating, “I’m sorry, I’m going to say this very bluntly again: Buy them only if you’re prepared to lose all your money”.
Despite these comments BTCUSD hit an intraday high of $58,746.
FTSE 100 rises as UK release travel list
The British government today released a “green list” of countries which its citizens can visit without needing to quarantine.
British Transport Secretary, Grant Shapps announced that the traffic light system will be in place for holidaymakers this summer.
This list includes the following 12 countries, Portugal, Israel, Gibraltar, Australia, New Zealand, Singapore, Brunei, Iceland, Faroe Islands, Falkland Islands, South Georgia and the South Sandwich Islands.
Holiday makers will be able to visit these countries from May 17th, and the list will be updated every three weeks thereafter.
London’s FTSE 100 closed 0.76% higher on the news.
Quote of the day – “Never, ever argue with your trading system”– Michael Covel
Senior Market Analyst