S&P 500: Eek Could Eke Out Weekly Gains
Satendra Singh | Apr 04, 2021 08:49AM ET
All industries in the United States added jobs and many people rejoined the labor force. A measure of the economy's ability to create employment also improved. But the road to full recovery remains long. The jobs deficit is still huge as more than four million Americans have been unemployed for over six months.
The job numbers announcement was made on Friday, and most of the markets could not react to this because it was Good Friday. So, there is no doubt that currency pairs, metals, and global equity markets could overreact on the first trading session of the week. There is no doubt that this could lead to high-pitch volatility on Monday.
Amid growing hopes for a reversal in economic recovery, S&P 500 Futures tested a lifetime high on Apr. 1, 2021 at 4037.62 before closing the week at 4027.12 that has increased the anxiety among investors over its next move.
I feel that the resurgence of COVID-19 could delay the recovery process once again. Last-hour selling indicated the prevalence of bears above 4000 could continue to thrash bulls during the upcoming week due to the Troubling "Eek" variant found in most Tokyo hospital COVID cases.
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