Friends
The jobs report was mostly as expected with 235,000 new jobs created. The unemployment rate came in at 4.7%, and average hourly earnings number was up .2% (year over year up 2.8%). So as we have seen for some time now, the job situation is much better in this country and wages gradually have been climbing.
Stocks rallied early, gave it all back midday, then climbed some in the last hour of trading. By the close, the Dow Jones Industrial Average was up 45 points to finish the day at 20,903. The S&P 500 was up 7 points to close at 2,372. Gold was up a fraction to trade at $1,203 per ounce, while oil was down $.83 to trade at $48.45 per barrel WTI.
It would seem that this week’s jobs data should give the Fed plenty of comfort to do a rate hike at next week’s FOMC meeting. The market is prepared for that, so the surprise would be if they don’t move at next week’s meeting. In the meantime, stocks have seemed to lose their way lately. The bulls appear to be out of gas, while the bears continue to struggle to gain momentum. All eyes will be on the Fed next week so let’s see who will gain the upper hand moving into the spring.
Have a great weekend everyone.
