(As of 7:10 am PST)
US stocks opened lower
snapping a two day rally as investors waded through employment data to close
out the week. The Labor Department’s monthly non-farm payrolls report showed
the US private sector added 252,000 in December, better than the consensus
estimate but below the previous months pace. The unemployment rate inched lower
from 5.8% to 5.6%, another sign that the labor market recovery remains strong.
Wage growth in December was weak, stifling an otherwise positive report. In
overseas action, Asian markets finished mostly higher while European stocks are
lower on reports that the ECB remains undecided on its stimulus package, frustrating
investors who were expecting a policy change later this month. Gold is higher
today while oil is down. Interest rates are inching higher. After a volatile
week which has seen triple digit moves on the Dow in every session, expect a
tug-of-war finish to close out the week.
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