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Stocks surged to close the week after a historic increase in U.S. jobs further fueled investors' confidence that the reopening of the economy will be successful following the COVID-19 lockdowns.
The 2.5 million jobs added in May was the largest one-month increase on record. Investors were expecting an 8 million job loss. The U.S. unemployment rate slid to 13.3% when it was expected to reach nearly 20%.
And stocks rallied big time.
The Dow was up 3.15%, the S&P 500 closed 2.62% higher, and the Nasdaq rose 2.06% to a new all-time high.
Here's what our experts – Chris Johnson and Shah Gilani – saw on this historic day…
- Chris spent his "Free Flow Friday" answering viewers questions about individual stock picks.
- Overall, Chris thinks a correction is necessary to "reset" stocks and put valuations back at reasonable buying levels ahead of earnings season next month.
- He thinks The Walt Disney Co. (NYSE: DIS) is a long-term buy at $100.
- But he's bullish on the momentum of the stock now after it broke through its 20-month moving average of $125.38 intraday.
- Boeing Co. (NYSE: BA) is a long-term buy at $110, and Chris sees the stock heading toward $300 based on technical momentum.
- If Facebook Inc. (NASDAQ: FB) shows signs of slowing down its rally and breaks below $220 per share, Chris expects it to hit $200 and thinks investors should gobble up shares there.
- Shah thinks investors have to ride out the positive market momentum until it falters.
- He thinks bond holders could get crushed as rates start rising in about a year or so, despite how much the Fed tries to keep it down.
- Over the weekend, he's going to do some homework so that he'll have some long and short trades for investors to put on no matter which way the market breaks next week.
Catch us Monday – starting LIVE again at 8:45 a.m. EDT with Chris Johnson, right here.
If you missed our live streams today, you can now replay them on our YouTube channel, here.
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