Friends
What a crazy day in the markets. First, let’s begin with the jobs report. Let’s just say, it wasn’t good. Only 142,000 new jobs were created in September and the August number was revised downward too. Average hourly earnings were flat, and the unemployment rate stayed at 5.1%. Of course that unemployment rate is deceiving as so many folks have left the labor force altogether. The possibility of a Fed rate hike in 2015 seems to have left the building.
As to the markets, bonds rallied hard driving the 10-year Treasury note yield to less than 2% once again. The dollar sold off (that’s good for U. S. multinationals), and stocks took a 258 point nosedive as measured by the Dow. But amongst all the gloom and doom (and it was palpable), stocks turned around and headed towards positive territory. I guess with all the despair it was only fitting that our favorite lady made an appearance once again. You remember TINA (there is no alternative). She was left for dead recently. I guess the reports of her demise were greatly exaggerated.
By the close, the Dow Jones Industrial Average was up 200 points to finish the day at 16,472. The S&P 500 was up 27 points to close at 1951. Gold was up $23 to trade at $1137, while oil was up $1 to trade at $45.74 per barrel WTI.
Yes, this one was hard to explain. I think we should just enjoy the beautiful weather and we’ll get back at it on Monday. I wouldn’t tell anyone if you feel like enjoying an adult beverage too. Have a great weekend everyone.
