After the worst jobs report in six years, some were concerned about how the market would react, but we got a positive answer yesterday, with another 0.5 percent increase in the S&P 500 index. Since May 19, the S&P has risen by 3.4 percent. The index is now only 1 percent away from its all-time high, set in May 2015.
The biggest winner yesterday was a sector that has been beaten down recently. Energy stocks led the S&P 500's rise, gaining 2 percent. One big reasons was that the price of crude oil rose to its highest level since July 2015.
Another sector that had fallen on hard times, the materials sector, was also up strongly yesterday. The key factor there: The price of gold has risen by nearly 3 percent since Friday.
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