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KiplingerDec 04, 2020
Stock Market Today: What Lousy Job Numbers? Major Indices Shoot to New Highs
The Bureau of Labor Statistics delivered a doozy of a nonfarm payrolls report Friday.

The good news: The unemployment rate dipped to 6.7% in November from 6.9%. The bad news? The U.S. added just 245,000 jobs last month - substantially lower than economists' expectations and a clear slowdown from October's revised 610,000 additions.

SEE MORE Where to Invest in 2021 "It's not surprising to see a one-month pause in the rapid pace of payroll gains we have seen, with slower hiring due to temporary COVID-related reductions in activity, even if the actions fall short of the dramatic springtime lockdowns," says Rick Rieder, BlackRock's chief investment officer of global fixed income.

Some on Wall Street were a little more pointed in translating the payroll numbers, however.

"This is a disappointing report, and one that shows the third wave of the pandemic is having a bigger effect on hiring than had been thought, says Brad McMillan, chief investment officer for Commonwealth Financial Network. "This is a wake-up call for Congress and should support more federal stimulus."

Capitol Hill appears to be listening. Today it was House Speaker Nancy Pelosi weighing in, saying "there is momentum" toward a COVID-19 relief bill as the clock winds down on 2020.

Wall Street clearly put more (ahem) stock in Washington negotiations than slowing employment gains, as investors drove the Dow Jones Industrial Average ( 0.8% to 30,218) to fresh-all time highs, led by Caterpillar (CAT, 4.3%), Chevron (CVX, 3.9%) and International Bu

MarketWatch MarketPulseDec 04, 2020
American Airlines sees slowing demand amid surge in COVID-19 cases, but stock rallies
American Airlines Group Inc. disclosed Friday that it has witnessed a "slowing" in demand and forward booking, as a result of the recent acceleration in new COVID-19 cases. The slowing follows a "strong start" to the fourth quarter, and follows travel restrictions in the period leading up to the Thanksgiving holiday. Meanwhile, the stock surged 4.2% in premarket trading, after surging 13.9% amid a three-day win streak through Thursday. As a result of slowing demand, the air carrier now expects fourth-quarter average daily cash burn to be at the "high end" of previously provided guidance of $25 million to $30 million per day. The company now expects to end the fourth quarter with more than $14 billion in total available liquidity, compared with previous guidance of $13 billion in available liquidity excluding proceeds from a $1 billion equity offering. American's stock has climbed 18.2% over the past three months through Thursday, while the U.S. Global Jets ETF has run up 29.3% and the S&P 500 has gained 7.0%.

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