U.S. stock indexes headed toward their fourth up day in a row Friday, despite mixed economic data. The Street’s reaction was bullish, however, apparently seeing a hidden plus in the bad data.
[ibd-display-video id=3065587b width=50 float=left autostart=true] The Nasdaq advanced 0.6%, while the S&P 500 and the Dow Jones industrial average added 0.3% each. The small cap Russell 2000 retreated 0.1%.
Volume in the stock market today was down across the board.
The employment report served up a sharp miss on December payrolls. The figure came in 22% lower than expected, 148,000 vs. views for 191,000, according to Econoday .
Yet the market shrugged it off. The November payroll figure was revised upward 10.5%, lessening some of December’s sting.
Meanwhile, the number of manufacturing jobs increased 67% in December, a bullish signal. Manufacturing jobs generally pay well. The average manufacturing job in 2016 paid $82,023, including pay and benefits, according to the Bureau of Labor Statistics.
Blue chip stocks were about evenly split between winners and losers. Among Dow stocks showing strong volume Friday, Boeing ( BA ) rose 2.5%; Intel ( INTC ), 1.5%; and Cisco Systems ( CSCO ) 1.4%. Losers moved in quiet volume.
Among IBD’s 197 industry groups, the day’s leadership was diverse. Groups rising more than 1% included chips, internet stocks and drugstores. The day’s biggest loser was the Canadian oil and gas explorers.
In the IBD 50, a list of the top stocks in fundamentals and technicals, December initial public offering Casa Systems ( CASA ) jumped 2.5%.
Casa Systems provides network solutions. The small cap company delivered earnings growth of 18% in 2015 and then 30% in 2016. The stock has yet to form a base.
Stocks attempting breakouts Thursday included retailer Wal-Mart Stores ( WMT ), media firm Sony (SNE) and fast-food chain Sonic (SONC). Sonic showed the most radical action, thrusting 7% higher and then reversing to a 0.4% loss. Sonic topped views on earnings but missed on revenue. Revenue has declined six quarters in a row.
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