Friends

This morning’s jobs number came in a little light with 50,000 new payrolls added in December vs. the expected 73,000. But the unemployment rate did tick down to 4.4% vs. the 4.5% analysts had forecast. So, given all the data collected over the past week, JOLTS, ADP and non-farm payroll, it appears that the labor situation is certainly not robust, but steady.

Market participants were pleased (well, at least the bulls) as stocks moved higher in today’s trading session. By the close the Dow Jones Industrial Average was up 237 points to finish the day at 49,504. The S&P 500 was up 44 points to close at 6,966. The Nasdaq Composite Index was up 191 points to close at 23,671. Gold was up $45 to trade at $4,506 per ounce, while oil was up $1.33 to trade at $59.09 per barrel WTI.

So, the goldilocks jobs market, not too hot and not too cold, pleases market participants because it should allow the Fed to consider more monetary easing in the coming months. That may or may not happen, but at least for today that is the narrative we enter the weekend with. Next up is earnings season. Stay tuned.

Have a nice weekend everyone.