Friends
A week that started off very quiet ended up with a lot of action as in the last two days ,on the domestic economic front, we received better than expected data including GDP and the jobs numbers. We are encouraged to see interest rates rising today for what seem to be the right reasons. After traders seemed to be stunned pre-market by the jobs report, stocks recovered and ended up having a nice day to the upside.
For the day the Dow Jones Industrial Average was up 167 points to close at 15,761. The S&P 500 was up 23 points to finish the day at 1770. Gold was down $21 to trade at $1287 per ounce, while oil was up $.19 to trade at $94.39 per barrel WTI.
As we watch to see how markets react to various economic data points, we have expressed our opinions as to why we would like to see interest rates rising, the dollar strengthening and the employment picture improving. This week’s data, despite the surprise ECB move, was encouraging and may lead to the discussion of Fed tapering once again. Perhaps it’s time to take the training wheels off the economy.
Have a nice weekend everyone.
