06.04.2020 S&P 500 Daily Analysis

06.04.2020 S&P 500 Daily Analysis

S&P 500 closed at $2,488.65 (-1.15%) on Friday due to the worst economic data in 11 years. The US Non-Farm Payroll report showed that 701,000 workers lost their jobs last month which was far above the estimated 83,000. This report came a day after the Jobless Claims data which also had a very high number, a record 6.6 million American citizens applied for unemployment benefits last month.  Scott Minerd, managing partner, and chief investment officer of Guggenheim Partners said,  “Probably the most surprising thing to me at this point is how well the markets are holding up. Given the economic data, and given the fact that large portions of the capital markets are still virtually closed for business, I would have expected stock prices to be lower at this point.”