(as of 7:00 AM PST)
The big news for the week was the employment report due out this morning and it was no disappointment. The economy added 242,000 jobs while the unemployment rate held steady at 4.9%. The reaction to the report might signal that we are back in a 'good news is bad news scenario' in that analysts and investors see the report as giving the Federal Reserve a green light to raise interest rates again. Stocks are down marginally to start the session. On the down side, wage growth continues to lag and that is likely enough to push off a rate hike at next week's meeting, but a June rate increase is definitely back on the table with strong economic numbers showing a solid US economic recovery, along with a surging stock market. International markets are up across the board while most commodities are in the green, including oil and precious metals. Today's market open looks very similar to yesterday, when market consolidation losses melted away to end with most markets up slightly. Interest rate yields are creeping up again, but continue near historical lows, providing new home buyers excellent motivation.
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