(as of 7:05 AM PST)
Investors are reacting in a
ho-hum manner to the jobs report this morning.
The non-farm payrolls report showed an addition of 192,000 to the
workforce, slightly below expectations, and the base unemployment rate moved up
to 6.7% from 6.6%. What is being ignored
by investors is the fact that an adjustment to February numbers added another
20,000 jobs. This middling report is
just the kind the market usually welcomes; strong enough to show progress, but
weak enough to keep economic stimulus flowing.
But in this frothy market it would be no surprise to see some profit
taking as investors pause, looking for another catalyst to move indices
higher. Gold is up nearly 1% after
several weeks of decline, while oil is up slightly with oil bear and bulls
sparring about where it goes from here. Interest rates are steady, but there
has been upward creep in mortgage rates for the last week. A feeling that negative
sentiment is creeping into the mix might be enough to send stocks lower today.
No comments:
Post a Comment