Just after the government reported that July saw better-than-expected job growth, the Dow Jones industrial average hit another record high on Friday.
According to CNBC, the Dow rose to a record high after increasing 53 points just after opening. On Wednesday, the Dow closed at a record 22,000, just the latest of several record highs seen under the Trump administration and an improving economy.
The new high could reflect the market’s response to Friday’s jobs report. Employers added 209,000 jobs in July when they were expected to only add 183,000. The unemployment rate fell to 4.3 percent while hourly wages rose, according to Fox Business.
— FOX Business (@FoxBusiness) August 4, 2017
JJ Kinahan, a chief market strategist at TD Ameritrade, reportedly suspected the Dow had a compounding effect in which previous gains contributed to Friday’s record high. “I think the reason the market isn’t going gangbusters here is because [the Dow] has gone up for eight days in a row. It’s hard to justify buying heading into the weekend when you’ve had this rally,” Kinahan said.
Source: Conservative Daily