Futures rallied 12 points on better than expected nonfarm payrolls report, with minor revisions in February and March numbers. The market will like it because while the economy is clearly soft, we are not seeing a wholesale collapse in the job market. Wages, however are weak, negative in fact if adjusted for inflation.
More importantly for stocks, the dollar rallied, commodities declined modestly.
Elsewhere:
1) Cadbury has split from Schweppes (gads!); it will continue to trade under the symbol CSG
| ||
2) Unlike Exxon
| ||
3) NetSuite
| ||
4) In case you thought the credit crunch was over, the Fed has apparently noted the elevated levels of LIBOR recently. Just before the nonfarm payroll reports, the increased the size of the TAF (Term Auction Facility) to $150b from $100b but is leaving the maturity at 28 days. The TAF, you will recall, allows the Fed to auction funds to depository institutions and accept a wide range of collateral in return. They are also expanding the type of collateral they will accept in the TSLF facility to include AAA asset backed securities.
Market Likes Payroll Numbers, But Likes Dollar Rally More - Trader Talk with Bob Pisani - CNBC.com
No comments:
Post a Comment
Your spam will not get posted on my blog. No wizetrade spammers etc