Friends
The jobs number was a little better than expected with 196,000 new jobs created in March, but not so strong as to cause concern among market participants that the Fed might be tempted to rethink their dovish stance. The unemployment rate remained at 3.8%, while average hourly earnings creeped slightly higher and sits at a 3.2% gain year over year. The data was strong enough to calm recession/slowdown fears, yet not too strong to stir inflation fears (and Fed hawkishness).
Stocks reacted in a positive fashion with the Dow Jones Industrial Average up 40 points for the day to close at 26,425. The S&P 500 was up 13 points to finish the day at 2,892. Gold was up $1 to trade at $1,296 per ounce, while oil was up $1.21 to trade at $63.31 per barrel WTI.
The economy appears to be in decent shape, the Fed is in a dovish mood, and stocks are closing in on all-time highs. Quite a setup as we head into earnings season. Stay tuned.
Have a great weekend everyone.
