Jobs, jobs and more jobs drove the markets higher on Friday, following the U.S. jobs report that the economy added 223,000 jobs in May, above economists expectations for the creation of 190,000 new jobs. The unemployment rate fell to 3.8% in May, an 18 year low. 

Still, investors continued to weigh the impact of President Trump's decision to impose tariffs on steel and aluminum imports from Canada, Mexico and the European Union.

Here are three top takes from the columnists of Real Money and Real Money Pro, our premium sites for Wall Street professionals and active investors:

Jim Cramer: Stock Market's Perfect Economy? Fabulous Job Growth, Little Inflation

"For years we have heard that good news is bad news, meaning that as the economy gains steam the Federal Reserve is going to raise rates and wreck the economy and the stock market," writes TheStreet's Jim Cramer.

"But this non-farm labor report truly questions that dogma because the economy created 223,000 jobs and we only saw eight cents worth of wage inflation. Not only that but this is an economy that is generating jobs where there ain't been no job growth," Cramer says.

Remember Tuesday Morning? Short Weeks Are Always Long

"If Italy, and Spain were not enough for traders to deal with, the crowd has also had to figure in the impact of a bevy of macro-economic data points, the unexpected inclusion of both Canada and Mexico in the decision to end exemptions for the implementation of steel and aluminum tariffs on US allies, and wild volatility across most sectors," observesReal Money columnist Stephen Guilfoyle. "All of this has had quite the impact on Treasury prices, US dollar valuations, as well as prices for commodities such as gold and crude...and oh, weren't there a few high profile earnings released overnight?"

Two Antibiotic Plays

Real Money Pro columnist Bret Jensen writes that "The antibiotic space is not as 'sexy' as some other more discussed parts of the biotech sector. Oncology tends to see the lion's share of takeovers and analyst commentary and is squarely in focus this week as the huge American Society of Clinical Oncology confab that kicks off in Chicago today."

"However," adds Jensen, "antibiotics are an important niche in the market."


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