(As of 7:30 am PST)
Stocks are headed higher for the second straight day despite a disappointing nonfarm payrolls report (at least on the surface). According to the Labor Dept. the US economy added 113,000 jobs in January, up from a dismal 75,000 in December but well below the expected 180,000. The market has dug deeper into the report, choosing to look at some positive indicators. For one, the unemployment rate dropped from 6.7% to 6.6%, the lowest since October 2008. The participation rate rose from 62.8% to 63.0%, while the U-6 (the broadest measure of unemployment) dropped as well. Gains in construction and manufacturing were also strong. As the Federal Reserve continues its taper program, one could argue we could see a rise in stocks as the taper signals the central banks confidence in the economic recovery. International markets are higher following yesterdays surge on Wall Street. Gold is higher while interest rates and the dollar index are lower. Expect market gains to deteriorate as the day wears on, but there's a sentiment now that the "correction" may be coming to an end.
***Due to inclement weather in the Portland-Metro area our offices will be closed today, 2/7/2014. For our readers who live locally, be safe and stay warm. Have a great weekend.***
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