Here’s Why the S&P 500 is on a 5 Year Happy High
Index ETFs rose Friday after the release of an average Non-Farm Payrolls Report
Index ETFs rose in celebration Friday of a mediocre ADP Non-Farm Payrolls report. The SPDR S&P 500 ETF (NYSEARCA:SPY) rose .44%, the SPDR Dow Jones Industrial Average ETF (NYSEARCA:DIA) gained .32%, and the iShares Russell 2000 Index ETF (NYSEARCA:IWM) rose .74%. The only Index ETF that did not perform well Friday was the PowerShares QQQ Series 1 ETF (NASDAQ:QQQ), registering a .33% drop. Keep in mind that despite a lackluster NASDAQ, the S&P 500 reached a 5 year high Friday, what is up with Friday’s markets?
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Friday’s big news was the release of the mediocre ADP Non Farm Payrolls Report. The report indicated that the US Economy added 155,000 new jobs for the month of December, and indicated that the unemployment rate remained at a stubborn 7.8%, with 12.2 million people still not employed.