Traders on the floor of the New York Stock Exchange.
April’s jobs report and a barrage of earnings news make for another busy week for markets, as the calendar rolls into May.
Stocks notched solid gains in April, as REITs, consumer discretionary names and communications services companies outpaced the broader market, all more than 7% higher. However, April finished on a sour note, with stocks selling off on Friday.
“Since November, there’s been a 30% rally,” said Jimmy Chang, chief investment officer at Rockefeller Global Family Office. He noted that historically the November to April period is the strongest for stocks. “There’s the adage ‘sell in May, go away.’ It may be somewhat appropriate this year since we’ve done so well in the last six months.”
Big jobs report
April’s employment report is schedulted to be released Friday, and the market is expecting a big number.
Economists say payrolls in April could easily reach 1…