A blockbuster employment
report should have stocks screaming to the upside, but it is a very quiet
market to start the day. The economy
generated 288,000 new jobs, the highest level of job growth in two years. Revisions upward of prior months added even
more positive news for investors to ponder.
Perhaps the fact that the unemployment rate fell below a prior target
that had been set by the Federal Reserve was the reason. Unemployment dropped from 6.6% to 6.3%, below
what was once considered the ‘magic number’ for increasing interest rates. Maybe increased selling pressure from the
‘sell in May and go away’ crowd is the reason.
Or perhaps we have simply come up too far, too fast and we need a
breather. It is of course a combination
of factors, but by the end of the day strong economic data should prevail and
provide a nice lift to market indexes.
Gold continues to drag but holding level, while oil is unchanged. Interest rates are on the rise on the
positive economic news.
No comments:
Post a Comment