Jobs Report Quells Recession Fears
The market got a nice bounce in early trading, after the nonfarm payrolls report showed an increase of 97,000 jobs (100,000 consensus). And the January payroll figures were revised higher, continuing a series of positive revisions that makes it likely that February's figures will also be revised higher next month.
This data was stronger than the whisper numbers on the Street, and should quell some of the recession fears that have surfaced lately since Greenspan started spouting his opinions in the media. Doesn't he have better things to do now?
Since this morning's initial bounce, the market has given back all of its early gains. And you wonder why I am distrustful of up opens in the market? We still have a long way to go, so the market could come back. But Friday's aren't known as being big up days in the market.
The strong employment data caused a big spike in bond yields, with the 10-year jumping to 4.57%. This could keep a lid on stocks. The Yen is lower for a 2nd day vs. the dollar, so this shouldn't be a big factor. And oil is also slightly lower, hovering around $61.50.
Semis were strongest out of the gate this morning, so maybe tech can outperform today.