Stocks open higher. US stocks opened higher after Thursday’s positive session, which saw the NASDAQ turn green for the year. Even though a record 20.5 million people lost jobs in April, global markets are in rally mode today, as trade tensions thawed between the United States and China, thanks to a phone call between the countries’ top trade officials.
Historic but expected decline in jobs. The economy lost 20.5 million jobs in April, the largest decline recorded and almost matching the 22 million jobs created since the end of the 2008–09 financial crisis. Job losses were concentrated in the services sector. The unemployment rate jumped from under 5% to 14.7%. While a blow to the economy, the decline was expected, and we know that things will get better. Job declines had already been priced into markets, which saw little movement in response to the new data. We will discuss the jobs data in more detail later today on the LPL Research blog.
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