Feb 10, 2014

Morning Market Report

Markets stay mostly stable as shareholders wait for the end of results season.

The market isup 42 points. The Dow Jones was up 166 points at 15,794 — the market dipped early on but then steadily rose throughout the day in a 170 point range.

Today’s rise came despite disappointing headline nonfarm payrolls data.  Payrolls increased 113,000, lower than the 185,000 expected, following a poor 75,000 (revised from 74,000) increase last month. Investors focused on the positives — the unemployment rate fell to a five year low 6.6% from 6.7%, the participation rate ticked up and private payrolls were strong. Weather is also still potentially having an effect on hiring intentions. Most analysts didn’t believe the report was weak enough to deter the Fed from continuing with its tapering schedule. Other economic data included average earnings, which increased 0.2% as expected, and consumer credit, which rose to US$18.8 billion, ahead of forecasts of a fall to US$11.5 billion.

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