First, let’s take a look at what went down with the markets on Friday. What can only be described as a terrible jobs report sent stocks reeling as the economy added just 69,000 jobs in May. This sent the unemployment rate back up to 8.2% and casts doubt on the current economic recovery. Analysts are hoping the Fed announces another round of QE sometime in the summer to help get the economy moving again.
The Dow dropped more than 2% on Friday and is now negative on the year. The Nasdaq dropped nearly 3% while the S&P dropped 2.5%.
After trading flat for about two weeks, GWBU finally had a big day on Friday. GWBU is the latest big pump from the same group that did SNPK. The problem GWBU faced initially was that many traders guess the group’s pick ahead of time causing the stock to jump from around $0.40 to $1.40 before the promotion officially began. Once the promotion was announced, instead of going higher the stock traded sideways for nearly two weeks before its big move on Friday.
GWBU ended Friday up more than 20% at $1.82 and hit an intraday high of $1.91 earlier in the day. Great Wall Builders Ltd (OTC:GWBU) announced the signing of a distribution agreement for Poland on Thursday.