June 7, 2019

The major indices surged after a weak jobs report spurred rate cut hopes for investors. Stocks built on strong weekly gains to help the Dow close positive for the first week in 7 weeks. The US economy added 75,000 jobs in May, much lower than the 180,000 expected, while wage growth also slowed. In trade news, the Mexican ambassador to the US said negotiations involved “a very good discussion” and also agreed to send its national guard to its border with Guatemala to stem the flow of undocumented migrants hoping to reach the US. President Trump also tweeted there is a good chance the two countries can make a deal which would keep the administration from slapping a 5% tariff on all Mexican imports. At the end of the day, the major indices closed solidly higher across the board:

DOW +263 at 25983
SP500 +29 at 2873
NASDAQ +126 at 7742

The 10 Year Treasury closed down 4 basis points to yield 2.08%
Oil prices closed +1.50 at 54.08 a barrel
Gold prices closed +2.80 at 1345.50 an ounce