Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Bulls Minimize the Damage Following a Lousy Jobs Report


Today's financial recap and tomorrow's financial outlook.

Stocks took a modest hit today following an awful March employment report.

The Bureau of Labor Statistics said that Nonfarm Payrolls rose by just 88,000, which was well below the consensus forecast of 190,000. The unemployment rate was below expectations at 7.6%, but this was the result of a shrinking labor force participation rate, indicating that many Americans are leaving the job market altogether.

However, following an initial sharp decline that saw the S&P 500 (INDEXSP:.INX) fall as much as 1.3%, stocks recovered some of the losses.

This may be an indication that the market was bracing itself for a hit, as market-leading indicators like the Russell 2000
(INDEXRUSSELL:RUT) and Dow Transports (INDEXDJX:DJT) had been pointing down for some time already.

Nonetheless, worry remained in the air as Treasuries and gold (NYSEARCA:GLD) held a very strong bid all day.
In other news, we saw serious weakness in networking stocks following afternoon's warning from F5 Networks (NASDAQ:FFIV), while Facebook (NASDAQ:FB) rallied on a upgrade from Argus Research.

Tomorrow's Financial Outlook

We should have an interesting day on Monday as we'll learn whether the market sees the jobs number as ample reason to put in a meaningful correction. The crisis in Cyprus was a short-term blip, relatively speaking, and it's unknown whether the recent string of so-so global economic data will be considered the same.
Additionally, earnings season will officially kick off with Alcoa's (NYSE:AA) report after the close. On the economic front, we'll see both the March ISM Index and the February Construction Spending numbers at 10:00 a.m. EDT.

Twitter: @Minyanville

Follow the markets all day every day with a FREE 14 day trial to Buzz & Banter. Over 30 professional traders share their ideas in real-time. Learn more.
< Previous
  • 1
Next >
No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

Featured Videos