Ok, so today’s jobs number was a bit of a disappointment. The “experts” were expecting a gain of about 230,000 new jobs for August, but unfortunately only 142,000 new jobs were created. Now, it’s not the end of the world, and the “silver lining” crowd can point to the fact that perhaps this delays the Fed on their quest to eventually raise interest rates, but the fact is that job creation, while staying positive, is still somewhat unpredictable and mixed.
As for stocks, traders seemed to be uninspired by both the jobs number and the global headlines (though it appears it’s positive for the moment concerning Ukraine and Russia) as trading began. After drifting along, stocks did rally in the afternoon as the bulls seemed to become a little more interested.
By the close, the Dow Jones Industrial Average was up 67 points to finish the day at 17,137. The S&P 500 was up 10 points to close at 2007. Gold was up $3 to trade at $1269 per ounce, while oil was down $.99 to trade at $93.46 per barrel WTI.
With the plethora of economic data behind us for a week or two, and the summer winding down, it will be interesting to see if the bulls can muster the buying energy to take us to new highs into the fall. We’ll report to you next week.
Have a great weekend everyone.