Stocks Add To Record Gains-Again-Despite Disappointing Jobs Data As Market Looks To Biden’s Stimulus Plan

Stocks Add To Record Gains-Again-Despite Disappointing Jobs Data As Market Looks To Biden’s Stimulus Plan

Topline

The economy lost jobs in December for the first time since April, but the three major indexes are tacking on to their Thursday record closes as investors eye President-elect Joe Biden's economic revitalization plan during his first 100 days in office.

U.S. President-elect Joe Biden delivers remarks before announcing his choices for attorney general ... [+] and other leaders of the Justice Department at The Queen theater on January 7 in Wilmington, Delaware.



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Key Facts





Shortly after the market open, the Dow Jones Industrial Average ticked up 85 points, or 0.3%, while the S&P 500 and the tech-heavy Nasdaq added 0.5% and 0.5%, respectively.





The gains are despite new data Friday from the Labor Department showing that the United States lost 140,000 jobs in December—much worse than economists expected and marking the first monthly decrease in employment since the pandemic forced millions of job losses in April. 







In a Friday morning note, Vital Knowledge Media Founder Adam Crisafulli said the dismal unemployment situation "probably doesn't mean much" for stocks because job