Stocks higher again this week – Stocks markets ended the week back up to near all-time highs. The May Job Report showed that new jobs rebounded to over double the number of new jobs created in April, and the unemployment rate dropped to the lowest level since the start of the pandemic. The Dow Jones Industrial Average closed the week at 34,756.39, up, 0.7% from 34,529.45 last week. It is up 13.5% year-to-date. The S&P 500 closed the week at 4,229.81, up 0.6% from 4,204.11 last week. It is up 12.4% year-to-date. The NASDAQ closed the week at 13,814.49, up 0.7% from 13,748.24 last week. It is up 7.3% year-to-date.
U.S. Treasury bond yields – The 10-year treasury bond closed the week yielding 1.56%, down from 1.58% last week. The 30-year treasury bond yield ended the week at 2.24%, down from 2.26% last week. We watch bond yields because mortgage rates often follow treasury bond yields.
Mortgage rates – The June 3, 2021, Freddie Mac Primary Mortgage Survey reported mortgage rates for the most popular loan products as follows: The 30-year fixed mortgage rate was 2.99%, up slightly from 2.95% last week. The 15-year fixed was 2.27%, unchanged from 2.27% last week. The 5-year ARM was 2.64%, up from 2.59% last week.
U.S. employers added 559,000 jobs in May – The Department of Labor and Statics reported that 559,000 new jobs were added in May. That was over double the 226,000 new jobs added in April. It should be noted that April’s 226,000 was only one quarter of the number of jobs experts had predicted and left investors wondering if the expansion was stalling. Analysts had still expected 671,000 new jobs would be added in May, so while better than April, it still fell short of expectations. The unemployment rate was 5.8% in May, down from 6.1% in April.
- Rodeo Realty, Inc.