(DAILY NOTION): The Bulls of Wall Street Power On, Next Mover: Nonfarm Payrolls

NASDAQ 100 (as of Feb 5, 2021 at 10.40 a.m.)

Source: Yahoo Finance

SPX 500 (as of Feb 5, 2021 at 10.40 a.m.)

Source: Yahoo Finance

US30 (as of Feb 5, 2021 at 10.40 a.m.)

Source: Yahoo Finance

The bulls of Wall Street are not letting up as the NAS100 gained 1.23%, the SPX500 rose 1.09%, and the US30 came close behind as it closed 1.08% higher. SPX500 and NAS100 closed at record highs while the US30 and SPX500 posted gains for four straight days.

The bulls gained power upon news that the U.S. House of Representatives is moving to fast-track the Biden Stimulus Package, and without Republican support. The Republicans have been opposed to the massive size of the package, which was proposed at $1.9 trillion.

Markets were also optimistic about U.S. vaccination progress. Bloomberg has reported that as of Feb 4, a total of 36.7 million doses have been administered in the U.S. In fact, the Cable News Network (CNN) has also reported that some states in the U.S. are also easing on its restrictions.

Optimism in Wall Street was also lifted by the results of the initial jobless claims, which came in better than expected. Last week, a total of 779,000 filed for unemployment benefits, which is lower than the forecast of 833,000. The latest ADP Employment Change report showed that 174,000 jobs have been added in the private sector last month, giving hope for a positive nonfarm payroll which will be released later.

Overall, the bulls of Wall Street has fought back hard, after taking a beating following the GameStop saga. As the first week of February reaches an end and hope fills the air, is this a sign of better days ahead? 

FOLLOWME User Sentiment (as of Feb 5, 2021 at 10.40 a.m.)

SPX500

Short – 79.63%

Long – 20.37%

NAS100

Short – 82.91%

Long – 17.09%

US30

Short – 75.57%

Long – 24.43%

#nonfarmpayrolls#