Posted on 02/02/2018 11:36:21 AM PST by BenLurkin
The Dow Jones Industrial Average dropped more than 400 points, with 10 of the 11 major S&P sectors in the red, led by the energy index’s 3.49 percent fall.
Nonfarm payrolls rose by 200,000 jobs in January, the Labor Department said, beating expectation of 180,000. Average hourly earnings rose and boosted the year-on-year increase to 2.9 percent, the largest rise since June 2009.
After the data, benchmark 10-year Treasury yields extended their rise to more than 2.8 percent, while traders boosted bets that the U.S. Federal Reserve will raise interest rates three times this year.
Fast-rising wages could prompt more aggressive action from the central bank to keep a lid on inflation pressure.
“The big picture concern is that wage growth will pick up and lead to more inflation,” said Nicholas Colas, co-founder at DataTrek Research.
"....Rates have risen fairly quickly this year and the speed of the advance is worrying.”
(Excerpt) Read more at in.reuters.com ...
Looks to be a currency adjustment (Bitcoin concerns) and a market adjustment. Reinvestment will likely start Monday with a about a week for it to go back to 26,000.
You think BTC will shoot to 26k in a week? Yikes... If so that’s free money right now for the taking. I held off putting anymore fiat into the market today.
My 401k is fully funded so I am using the coin markets to play.
HaHa never mind I see you meant the Dow Jones.
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