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Nonfarm payrolls increased 263,000 for the month while the unemployment rate was 3.7%, the Labor Department reported Friday. The payrolls number was well above the 200,000 estimate, while the unemployment rate was in line. Average hourly earnings jumped 0.6% for the month, double the estimate, and 5.1% annually versus the 4.6% expectation. -- CNBC

Thursday was a day of digestion for stocks after the explosive Fed driven rally on Wednesday. We saw the Dow shed about 200 of Wednesday's 700+ point gain. The Nasdaq held up well, but was basically flat - as the S&P 500 and small caps. The I-fund led again after the dollar broke down sharply as the market adjusts to the less hawkish Fed. Yields also broke down giving the F fund a very healthy gain.

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