It's either a giant shrug of nonchalance or the US investors have already priced in several White House crises. Even a weaker-than-expected jobs report held little sway as the Dow and S&P 500 continued their ascent.
Any reverberations from President Trump's official announcement that the US would pull out from the Paris climate agreement was muted for now on Wall Street.
The Dow climbed up 62 points or +0.29% to close out the week at a high of 21,206.29. The 5-day change for the Dow was +0.60%. All sectors posted gains on the big board.
The S&P 500 added +9.01 to 2,439.01 while NASDAQ boosted by tech stocks gained +58.97 to close at 6,305.80.
Among the day's biggest movers were Broadcom, semi-conductor and chip maker, on Q2 earnings shot up +8.50% to $254.53; Apple (+1.48% to $155.45); 3M (+1.15% to $206.70) and Boeing (1.55% to $190.23).
- Dow 21,206.29 +0.29%
- S&P 500 2,439.07 +0.37%
- NASDAQ 6,305.80 +0.94%
- Russell 2000 1,405.38 +0.67%
- NYSE Composite 11,718.70 +0.61%
- Gold 1,280.80 +0.05%
- Oil WTI $47.83 -1.28%
- 10-year yield 2.16% -0.06%
Laggards were mostly in the energy and banking sectors. Newfield Exploration fell -5.02% to $30.83 and Devon Energy down -3.33% to $33.13. Broadcaster and digital services company, Tegna, also dropped -4.36% to $14.68.
Lululemon a bit of a stretch?
Lululemon, yoga and sportswear retailer, spiked 11.55% to $54.29 after beating analysts estimates for Q1 earnings. Investors cheered but analysts were less so expressing scepticism about the one-time costs of the strategy and its impact on margins
Lululemon like many retailers is attempting a strategy to fix the bricks and mortar vs online quandry to boost profits.
The company announced it would close most of the stores of its loss-making ivivva line, which sells girls activewear, and move the brand online.
The Company plans to operate it as a primarily e-commerce focused business closing approximately 40 of its 55 ivivva branded stores and convert some of the remaining stores to lululemon brand and will streamline its corporate infrastructure.
It also announced adding more stores to its traditional line expanding to other cities domestically and internationally.
Jobs data was not as strong as expected with US employers adding only 138,000 significantly short of economists' projections of 190,000. However, a bright spot was the unemployment rate fell to 4.3% the lowest in 16 years.
Data for the months of April and May were also revised downward but the market remains expectant of a hike in interest rates in June and possibly September.
Bond investors reacted to the soft labour report causing yields to ease and 10-year Treasury yield dropped to a low of 2.16%.
Oil prices dropped -1.28% to $47.83 on concerns that US leaving the Paris accord could lead to an increase in US oil output.