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Magnifying their previous session’s gains, the US markets ended significantly higher on Friday with the tech-heavy Nasdaq leading the charge. Rally on the Wall Street came following the release of a closely watched Labor Department showing employment in the U.S. increased by much less than expected in the month of April. The Labor Department said non-farm payroll employment climbed by 175,000 jobs in April after surging by an upwardly revised 315,000 jobs in March. Street had expected employment to jump by 243,000 jobs compared to the spike of 303,000 jobs originally reported for the previous month. The report also showed the unemployment rate crept up to 3.9 percent in April from 3.8 percent in March. The unemployment rate was expected to remain unchanged. The annual rate of wage growth slowed to 4.0 percent in April from 4.1 percent in March, while economists had expected the pace of wage growth to dip to 4.0 percent. The data helped generate optimism about the outlook for interest rates following the Federal Reserve's monetary policy meeting earlier in the week.
Positive sentiment was also generated in reaction to earnings news from Apple (AAPL), with the tech giant surging by 6.0 percent. Apple rallied after reporting better than expected fiscal second quarter results and announcing a $110 billion stock repurchase. Meanwhile, a separate report released by the Institute for Supply Management (ISM) showed U.S. service sector activity unexpectedly contracted in the month of April. The ISM said its services PMI dipped to 49.4 in April from 51.4 in March, with a reading below 50 indicating contraction. Street had expected the index to inch up to 52.0. With the unexpected decrease, the services PMI indicated activity in the sector contracted for the first time since December 2022. On the sectoral front, Semiconductor stocks turned in some of the market's best performances on the day, driving the Philadelphia Semiconductor Index up by 2.4 percent. Software and computer hardware stocks also saw significant strength, contributing to the surge by the tech-heavy Nasdaq.
Dow Jones Industrial Average surged 450.02 points or 1.18 percent to 38,675.68, Nasdaq jumped 315.37 points or 1.99 percent to 16,156.33 and S&P 500 was up by 63.59 points or 1.26 percent to 5,127.79.
MoneyWorks4Me rating and ranking of funds for SIP is available to subscribers only. Moneyworks4Me is not a rating and ranking agency, however it is required that users have a way of selecting funds and building a Portfolio. The method used by it are described below to enable users to understand the logic behind the rating and ranking Subscriber will find more details on this in the various content made available from time to time. In case you need more please write to besafe@moneyworks4Me.com
MoneyWorks4Me rates and ranks mutual funds based on the following data-driven system:
Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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