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Jobs report helps lift stocks, bond yields

Published 08/04/2017, 10:00 AM
© Reuters.  Jobs report helps lift stocks, bond yields
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  • Barclays (LON:BARC) chief U.S. economist Michael Gapen calls today's jobs report a "Goldilocks report" for the markets that bodes well for macroeconomic growth.
  • Gapen notes the 0.3% gain in average hourly earnings (+2.5% Y/Y) is just enought to keep Fed expectations (reduced bond holdings, rate hike in Dec.) in place.
  • Bond yields are rising slightly along with the U.S. dollar. The 2-year Treasury is +2 bps to 1.36% and the 10-year Treasury is +4 bps to 2.26%.
  • Stocks are cruising along nicely. The Dow hit a new intrday record high of 22,089.05 and the S&P 500 Index is +0.28% to 2,478.97. A steady round of solid earnings reports across sectors this earnings season is helping to calm anxiety over the political scene.
  • ETFs: SPY, QQQ, DIA, TLT, TBT, TMV, TBF, TTT, UUP, UDN.
  • Now read: Bears, Bullions, Buying, And Burning


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