Jobs Report Comes In Just Right
The market is taking a liking to this morning's jobs report. The economy added 110,000 jobs in September, slightly higher than the 100k consensus. More importantly, last month's decline of -4000 jobs was revised to a gain of +89,000.
This type of job growth is still below trend for a growing economy, but it is much better than the bears had feared, and not indicative of an economy on the brink of recession.
The bond market agrees, and yields on the 10-year are up this morning to 4.61%. But this is still below the fed funds rate of 4.75%.
RIMM reported a great quarter last night, and the stock is +10% higher this morning. I was prudent and took a little of the table before they reported. Oh well, I'm still pleased.
Asian markets were mixed overnight, with Japan down slightly but Hong Kong surging. And the Yen is lower again this morning.
Oil is also lower this morning, which is weighing on the energy complex. But it remains above $80. Has oil put in a near-term top?
The SPX rose above 1550 this morning, and is very near making a new yearly high. It would join the Dow and the Nasdaq which have already made new highs earlier this week.