Posted on 03/06/2015 12:29:10 PM PST by SeekAndFind
News of a burst of hiring last month sent bond prices lower and the dollar higher in early trading on Friday, while the stock market opened lower.
Apple rose 1 percent after it was announced that the company would be joining the Dow Jones industrial average, replacing AT&T. AT&T fell 1 percent.
KEEPING SCORE
The Dow fell 0.98 percent and the Standard & Poor’s 500-stock index was down 0.85 percent. The Nasdaq composite index dropped 0.60 percent.
MORE JOBS
United States employers extended a healthy streak of hiring in February by adding 295,000 jobs, the 12th straight monthly gain above 200,000. The Labor Department said Friday that the unemployment rate fell to 5.5 percent from 5.7 percent. Still, the strong job gains weren’t enough to lift wages by much. The average hourly wage rose just 3 cents in February to $24.78 an hour.
ANALYST’S TAKE
The figures will probably further increase speculation that the Fed could raise interest rates in June. Last week the Fed chairwoman, Janet L. Yellen, indicated that a summer increase was possible while leaving the door open to a later increase. “All things considered I think this is a very good labor market report and will only feed into expectations for a rate hike from the Fed in June,” said Craig Erlam, a senior market analyst at OANDA. “The rally in the dollar immediately after the release clearly supports this view.”
(Excerpt) Read more at nytimes.com ...
Worried the heroin will be taken away.
This is one more evidence that the continued increase of the stock market into record territory was being STOKED by the Feds low interest rate policy.
You couldn’t put your money anywhere ( not in deposits, not in bonds ), but in the stock market.
This is one more evidence that the continued increase of the stock market into record territory was being STOKED by the Feds low interest rate policy.
You couldn’t put your money anywhere ( not in deposits, not in bonds ), but in the stock market.
What’s up with oil prices? The CNN stocks page is showing the price of oil nearly doubling today!
More lies and BS.
Oil is down $1.10 a barrel as of 3:35 Eastern time.
CNN has it up 83% today!
Give guns, ammo and money to the enemy and the price of oil drops.
When the enemy starts burning oil fields, the price of oil rises.
Perhaps Hussein’s worshipful imbeciles realized how much their strongest ally states Illinois and California depend on gas taxes based upon the PRICE and not volume of gasoline sold.
Oil (Light Crude)
April 2015 contract
$ / barrel Floor 93.20 +42.44 +83.61%
http://money.cnn.com/data/commodities/index.html
Apple replacing ATT will be called the “ringing the bell” moment a year from now...
LOLL! Yup. Strong jobs report. Until the revise it next Tuesday. Of course, according to the lyin’ king, there isn’t a single segment of the economy that isn’t better off than it was 6 and a half years ago. Plus, we have some beach front property for sale in Arizona.
That is barely enough to keep up with population growth and these idiots take it as a sign of financial strength.
Make no mistake Wall Street. Yellen will prime the pump and sit keep rates at 0 until January 2017. Anything to make her hero Obama look good.
What do you mean by that. Just curious.
Today’s unemployment rate is BS because the labor participation rate is at about a 35 year low running around 62%. So, today was just an excuse for some profit taking.
As to the risk of an early Fed rate hike as in this coming June, the Fed is in a corner right now. Europe and numerous other countries in recession have their central banks lowering interest rates. As a result, the US dollar has skyrocketed. While that is good news for tourists traveling abroad, it is horrible news for US export business as the cost of exported US products is now far higher. The Euro is running around $1.08 today vs. around $1.35 a year ago. Think about what that does to Europeans wanting to take a vacation in the US or wanting to purchase US made products.
So, if the Fed raises interest rates, the US dollar will go even higher, and US exports will become even more uncompetitive, and that may drive the US economy into a tailspin.
What is going on in Europe is what economists call a Beggar Thy Neighbor policy. Usually, it means that a country has officially devalued its currency in order to make its exports priced more competitively. In this case, the same situation is achieved by central banks effectively lowering their interest rates which in turn cause the local currency to drop in value.
“United States employers extended a healthy streak of hiring in February by adding 295,000 jobs, the 12th straight monthly gain above 200,000.”
Wait just a dog-gone minute! I’m pretty sure we need 450K jobs created each and every month, all year long just to break even, based on newly employable college kids versus those retiring?!?!
I mean, when President Bush was in office, if 449,999 jobs were created that month it was horrific news! I mean, he missed it by ONE JOB! *GASP*
What gives? *SNORT*
Say what? Job increases?
Sorry... I’m calling BS on this one. This might be used as an excuse, but seriously people.
“United States employers extended a healthy streak of hiring in February by adding 295,000 jobs, the 12th straight monthly gain above 200,000. The Labor Department said Friday that the unemployment rate fell to 5.5 percent from 5.7 percent. Still, the strong job gains weren’t enough to lift wages by much. The average hourly wage rose just 3 cents in February to $24.78 an hour. “
And then I read about the thousands of oil industry jobs that are going away because of the oil price drop and subsequent ‘glut’ on the market.
My personal take is that Wall Street and it’s analysts are a bunch of hyper-emotional lemmings that run and jump together whenever ‘something’ comes up to spook them.
On the Other hand my Personal take is that we... that’s all of us, are being lied to constantly about everything and now the liars are so caught up in their lies and trying to keep them straight... that they are failing... The castle of cards is going to fall and fairly soon.
Replacing a traditional, infrastructure and boring member of the DOW with an overrated tech company at the height of Tech Bubblev2.0...
Gold and Silver really took it in the shorts today, too - but I think people are selling off.
Chickens! Bwaaack! Bwaaack! *SMIRK*
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