Stunning! Dow Recovers as US Economy Thrives, Adding 263k Jobs
The blip in the Dow earlier this week was short-lived as investors gain confidence from a roaring jobs report. | Source: Source: Johannes Eissele / AFP
The unexpected 1.6% decline in the Dow earlier this week is said to have been primarily triggered by the withdrawal of Stephen Moore from the consideration of being placed on the Federal Reserve Board of Governors.
U.S. President Donald Trump said:
“Steve Moore, a great pro-growth economist and a truly fine person, has decided to withdraw from the Fed process. Steve won the battle of ideas including Tax Cuts and deregulation which have produced non-inflationary prosperity for all Americans. I’ve asked Steve to work with me toward future economic growth in our Country.”
In less than 48 hours since the withdrawal of Moore rattled the U.S. equities market, strong jobs growth in April and the continuous drop in the unemployment of the U.S., which is already at a record low, has seemingly fueled the confidence of investors in the market.
U.S. Economy in a Strong Position to Stimulate Dow Rally
This week, the unemployment rate of the U.S. officially dropped to a 50-year-low, reaching the lowest level since December 1969 according to the Labor Department.
Lynn Reaser, the chief economist at Point Loma Nazarene University,