The market wasn’t supposed to have a good day following a disappointing jobs report but after a loss of nearly 150 points on the Dow, the market rebounded. The Dow Jones Industrial Average ended the day only 31.50 points lower. The S&P was down 6.13 points to close at 2099.13.
But the big winners today were gold miner stocks—a sector that has consistently disappointed investors. Today was an exception, thanks to the lackluster jobs report, these stocks had their best day in 7 ½ years.
AngloGold Ashanti (NYSE:AUC) ended the day 14.07% higher finishing the day at $15.89. Today’s move launched the stock well above its 50 and 20-day moving average. In May, Citigroup downgraded the stock from neutral to sell.
Gold Fields (NYSE:GFIC) rocketed up 13.17% to close at $4.21. The stock has traded in a well-defined range since February. After breaking through key resistance levels, the stock rebounded to test its 50-day moving average.