Stocks rose to record levels on Friday, notching another weekly advance, as traders shook off a disappointing U.S. jobs report.

The S&P 500 gained 0.9% to end the day at 3,699.12. All three of major indexes posted intraday and closing record highs. Energy was the best-performing S&P 500 sector, gaining 5.4%.

Friday’s jump led major averages to their fourth weekly gain in five weeks. The S&P 500 gained 1.7% over that time period. 

The U.S. economy added 245,000 jobs in November. That’s well below a Dow Jones consensus estimate of 440,000. The unemployment rate, however, matched expectations by falling to 6.7% from 6.9%.

However, some traders saw the weaker-than-expected number as a positive because it could pressure lawmakers to mover forward with additional fiscal stimulus.

Plan B : Long if market doesn't retrace much and supported firm above 3671. Targets are 3687, 3705 and 3720.
 

U.S. stock futures were little changed on Sunday night following a record-setting session as Wall Street searched for clues on additional fiscal aid.

The major averages posted intraday and closing all-time highs on Friday, with the Dow popping more than 200 points. The S&P 500 and Nasdaq Composite advanced 0.9% and 0.7%, respectively.

Those gains came even after the release of disappointing U.S. jobs data. The Labor Department reported that 245,000 were created in November. Economists polled by Dow Jones had forecast that 440,000 were added last month.

Ed Yardeni, president and chief investment strategist at Yardeni Research, wrote the jobs report was “not so bad” as most of the labor-market slowdown last month came from government jobs.

Lawmakers had been at a stalemate over additional fiscal aid for months before last week, raising concern about the economic recovery from the coronavirus pandemic.

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Plan A : Remain buy as long as oil price trades firmly above 45.4. Targets are 46.2 and 46.8    

Plan A : Remain buy as long as gold price trades firmly above 1803.6. Targets are 1819 and 1836.

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