Friday, the first day of the week that didn’t bring massive gains on Wall Street, also brought news of a great October jobs report: The economy added 638,000 jobs last month, bringing the unemployment rate down a percentage point to 6.9%. That was far better than the 570,000 gain expected by economists.
With markets going sideways on Friday, stocks still finished up their best week since April; the Dow Jones Industrial Average shed 66 points on the day, or 0.2%, to close at 28,323. The blue-chip index closed out its killer week up 6.9% in just five trading days.
Marijuana stocks on fire. First, investors piled into cannabis stocks as a play on Canada’s legalization. Now, it’s the much larger U.S. market that’s in play. A handful of the largest publicly traded pot stocks soared in the last two days of the week following a favorable spate of elections that saw a handful of states approve marijuana for either recreational or medicinal use.
Aurora Cannabis (ticker: ACB) soared 56%, Tilray ( TLRY) jumped 23% and Cronos Group ( CRON) added 16% on Friday. Comments from New York Gov. Andrew Cuomo waxing optimistic about approving the legalization and taxation of marijuana provided a big leg up to all three stocks, and Cronos Group in particular has reason to rally after better-than-expected quarterly results; revenue advanced 96% last quarter compared with the year-ago period.
Roku rallying post-earnings. Streaming TV company Roku ( ROKU) is another company benefitting from an impressive recent earnings report on Friday, with shares adding more than 12% in the trading day. The pandemic has proven to be an accelerant for its business, as Roku’s revenue grew at its fastest pace in more than seven years, rallying 73% year over year to $452 million. That was comfortably above the $369 million analysts expected.
Roku, which competes with Amazon.com ( AMZN), Samsung and others for market share in the growing TV streaming platform business, now has 46 million active accounts. Shares of ROKU are now up 89% in 2020.
More from U.S. News