The rise and fall of the S&P 500

Market Pulse for May 6

Last week the S&P 500 was all about jobs, jobs and jobs. On Wednesday ADP released their numbers for April at 119,000, below expectations and dropping the S&P 15 points. Thursday’s Jobless Claims were reported at a five-year low, and the S&P rises 15. On Friday the U.S. government employment number was reported at 165,000, which was 15,000 higher than expected sending the S&P up 16.5 and above 1600. It was an interesting report as March was revised up from 88,000 to 158,000 and February was revised from 268,000 to more than 320,000. Not sure how or why these revisions were so high, but has anyone ever seen employment numbers revised down? Price action last week had the June E-mini S&P 500 open at 1576.25 and close the week at 1608.50, a nice $1,612.50 per contract move if you were long.

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