Friends
What a reversal of fortunes. After the difficulties of the past few trading sessions, stocks enjoyed a banner day today, fueled by a better than expected non-farm payroll number and an indication from ECB President Draghi that he still has his bazooka armed and ready should the need arise. The jobs report seems to give the Fed the green light that they are seeking to raise rates this month (remember, it will likely only be a token ¼ of a point raise), and perhaps market participants are finally at peace with the inevitable. Well, at least for today.
By the close, the Dow Jones Industrial Average was up a whopping 369 points to finish the day at 17,847. The S&P was up 42 points to close at 2091. Gold was up $22 to trade at $1084 per ounce, while oil was down $1.05 to trade at $40.03 per barrel WTI.
What a roller coaster week, one filled with emotion and one that basically ended where we began. What we think we know is that the upcoming FOMC meeting will likely lead to the long awaited liftoff. The jobs report had a little something for everyone, including average hourly earnings inching up as well as the participation rate indicating that some folks are coming off the sidelines trying to take advantage of an improving job market. We’ll catch our breath, enjoy the weekend and get back at it on Monday.
Have a great weekend everyone.
