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This tells a story. Remember we had supply disruptions in Canada, Nigeria and Libya this spring. They are all fixed or in the process of being fixed. US production is falling, but Iranian production has more than picked up the slack.
Stock indexes opened higher and then padded the gains Friday after U.S. employment news that was in one sense stunningly good, and in another sense disturbing.
The Nasdaq rose 1%, while the S&P 500 and the Dow Jones industrial average each advanced 0.9%. The small-cap Russell 2000 led with a 1.3% gain. Early volume was up on both major exchanges.
The headline news was the Bureau of Labor Statistics' nonfarm payroll figures for June. The number blasted up 287,000, which was 22% higher than the highest estimate in the range, according to Econoday. However, if market watchers were looking for evidence that the miserable 38,000 jobs added in May were an error, the data did not support that view. May's number was revised down to 11,000.
Bulls went with the optimistic June data.
Charts posted are not recommendations. They are just a sharing of information.
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