Friday’s better-than-expected March employment report provided a tailwind for U.S. stocks while gold exchange traded funds (ETFs) moved lower on the second quarter’s first day of trading.
Nonfarm payrolls rose by 216,000 in March, the Labor Department said.
SPDR S&P 500 ETF (NYSEArca: SPY) rose 0.6% in premarket action Friday after gaining about 6% in the first quarter.
Meanwhile, gold prices skidded Friday morning in the wake of the bullish jobs report. SPDR Gold Shares (NYSEArca: GLD) was down more than 1% before the opening bell.
For full disclosure, Tom Lydon’s clients own SPY and GLD.
The opinions and forecasts expressed herein are solely those of John Spence, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.