Stocks dropped sharply on Friday after a mixed jobs report saw investors fleeing first, and asking questions later. The 151,000 jobs added was about 40,000 less than expected, but the unemployment rate dipped under 5% to 4.9%. Hidden in the report was a tick up in wages, something the country has sorely missed, but whether that is good for the stock market is debatable.
U.S. Economy Added 151,000 Jobs in January; Unemployment at 4.9%
Stocks opened lower on Thursday and the bulls made several attempts to take the indices higher, but the bears weren't far behind selling the intraday rallies. The bulls won the battle as the Dow ended the day up 80-points, but the bears were able to erase an earlier 150-point gain. New York Fed President William Dudley said that tighter financial conditions could weigh on the Federal Reserve's decision to move forward with its plan to normalize rates. Is that good or bad? It doesn't
Stocks had a bit of schizophrenia on Wednesday as it struggled to find direction before settling on the upside after a sharp spike higher just after 2 PM ET. Tech stocks lagged initially hurting the indices, but oil rallied and eventually stocks caught up to that rally.
Stocks sold off hard on Tuesday and the volatility resumed. After the largest 5-day gain in over a year, capped by a 400-point rally on Friday, the Dow shed about 300-points yesterday. A two day sell-off in oil seems to be the culprit, but financial stocks were actually hit the hardest.
Another possible catalyst for the sell-off, although this may be a stretch, is the strong showing by Bernie Sanders in Monday's Iowa caucuses. Love him or
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