Stocks Up For The 4th Week In A Row On Strong Jobs Report

Plus 5 New Strong Buys for Today Stocks Up For The 4th Week In A Row On Strong Jobs Report [Kevin Matras - EVP - Photo] Profit from the Pros By Kevin Matras Executive Vice President Stocks Up For The 4th Week In A Row On Strong Jobs Report [Stocks Up For The 4th Week In A Row On Strong Jobs Report]Image: Bigstock Stocks closed higher on Friday (another new all-time high for the major indexes), and for the week (4th week in a row), on a better than expected jobs report. On Friday morning, the Employment Situation Report showed that 531,000 new jobs were created in October (604K in the private sector and -73,000 in the public sector), easily beating the consensus estimate for 450,000 (531K private and -81K public). The unemployment rate came in better than expected as well, ticking down to 4.6% vs. last month's 4.8% and views for 4.7%. But the participation rate remained at 61.6%, missing expectations for a tick up to 61.8. In addition, August payrolls were revised higher by 117,000, bringing that tally up from 366K to 483K. And September was also revised higher, gaining an extra 118,000, going from 194K to 312K. The industries which saw the biggest job gains were: Leisure and Hospitality with 164,000 new jobs; Professional and Business Services with 100,000; Manufacturing with 60,000; Transportation and Warehousing increased by 54,000; Construction was up by 44,000; Health Care added 37,000; Retail Trade rose by 35,000; 'Other Services' were up by 33,000; Financial Activities by 21,000; Private Education by 17,000; Wholesale Trade by 14,000; and Mining was up by 5,000 new jobs. The biggest job losses came from Local Government Education which shed -43,000 jobs, and State Government Education which lost -22,000 jobs. The markets also cheered the news on Pfizer's new Covid therapeutic (Paxlovid). Tests show that their new Covid pill(s), taken within 3 days of getting the virus, reduced the rates of hospitalization and death by 89%. (When taken 5 days afterwards, the efficacy rate was still an impressive 85%.) Pfizer will soon apply for Emergency Authorization to the FDA (likely by Thanksgiving), and expects a decision within a few weeks after their application. As you know, Merck has also developed a Covid treatment pill (called Molnupiravir), which is reported to cut hospitalizations and deaths by 50%. They are currently waiting for Emergency Authorization from the FDA. Late Friday evening we saw the House finally pass the Infrastructure bill. Since the Senate already passed it, the next stop is the White House where the President will sign it into law. As for the Reconciliation bill, the Speaker announced that the House would take up a vote no later than the week of November 15th, which, by that time, they hope to have it scored by the Congressional Budget Office (CBO). But the fate of that bill remains up in the air. For one, some are estimating that the scoring won't be done until Thanksgiving, thus throwing the November 15th timeline into question. Second, the House will be voting on a bill that is different than the framework that was agreed upon by the Senate. If the House passes it, in its current edited form, it will then have to go back to Senate where several members have been vocal about not endorsing the additional items. The Senate can then either a) pass it, b) mark it up, pass it, and send it back to the House for consideration, or c) let it die. In the meantime, stocks are trading at all-time highs, the stellar Q3 earnings season continues on this week with another 1,644 companies set to report, and Q4 GDP is expected to accelerate into the end of the year. That suggests there's a lot more upside to go for both the economy and the market. So make sure you're taking full advantage of it. See you tomorrow, [Kevin Matras - Signature] Kevin Matras Executive Vice President, Zacks Investment Research Sponsor [Today, See Zacks' Top Stocks for Free]( Starting now, you can get instant access to the latest picks from our hottest market-beating strategies. From 2016 through 2020 they gained +381.1%, +424.1%, +429.0%, +477.8%, and even +580.0%. Zacks will also give you a free Special Report, Top 10 Stock Screening Strategies with formulas you can use to find high-potential gainers anytime you please. [See Stocks Free »]( Most Popular Articles from Zacks.com [5 Large-Cap Stocks Likely to Win Big on Earnings Next Week]( Total third-quarter earnings of the S&P 500 Index are projected to jump 37.6% from the same period last year on 14.9% higher revenues. [Read More »]( [4 Furniture, Furnishings Stocks to Gain on Housing Demand]( These four stocks possess strong growth potential and have witnessed robust earnings estimate revisions in the last 30 days. 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