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Post: Monday - Markets mull over the meaning of Friday's jobs number. | Daily Delphi

BlogsPit Talk › Monday - Markets mull over the meaning of Friday's jobs number. January 13, 2014, 6:50 am

TODAY'S ACTION
1:00 PM CT
Treasury Budget
Prior -1.2B Forecast +44.0B

Overnight Asian stocks rose and Europeans stocks seem to be up to flat after Friday's much worse than expected payrolls. This week marks the beginning of the fourth quarter earnings season so there will be steady flow of data in the market later in the week. At 1:00PM CT today the Treasury Department will release its monthly budget report. Trade strong.

FRIDAY RECAP

Last Friday the markets saw a disappointing nonfarm payrolls number. The data showed that the economy only added 74K vs the 190K expected. The unemployment rate dropped to 6.7% from 7.0% as a result of a sharp drop in the labor force participation rate. The markets took the bad news in stride but treasuries and metals rallied, suggesting that some traders think the poor number could give Big Daddy cause for pause in reducing its bonding buying program at the next meeting at the end of January. Gold rallied +17.5 to settle at 1246.9, oil added +1.06 to close at 92.72 and the S&P closed out the session up +4.70 ending the week at 1837.70.


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