Bulls Minimize the Damage Following a Lousy Jobs Report
Today's financial recap and tomorrow's financial outlook.
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.
Tomorrow's Financial Outlook
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