Friends
The unemployment data delivered another goldilocks type scenario for the Fed. Yes, the labor market is softening a bit, but participation continues to climb – which is good. Non-farm payrolls came in at 187,000 vs. the 170,000 expected by analysts. The unemployment rate ticked up to 3.8% from 3.5%, while average hourly earnings were up .2% vs. the .3% expected. The takeaway by market participants is that the Fed might be able to at least pause any more rate hikes in the near future.
Stocks moved higher and for the day the Dow Jones Industrial Average was up 115 points to close at 34,837. The S&P 500 was up 8 points to finish the day at 4,515. The Nasdaq Composite Index was down 3 points to close at 14,031. Gold was up $1 to trade at $1,967 per ounce, while oil was up $2.27 to trade at $85.90 per barrel WTI.
Remember, September can often be a dicey month for stocks, but for the moment the bulls continue to hold the high ground after rallying into month end in August. Let’s see if they can build on their momentum next week. Markets will be closed Monday, but we’ll be back at it on Tuesday.
Have a great Labor Day Weekend.
