Stock Markets Are Still Denying Recession, Bond Markets Are Pricing In A Deeper One Than Expected
When Reality Hits The Markets, It Is So Going To Hurt
While the BLS Employment Situation Report overshot all expectations—mostly through contrived and unrealistic numbers (aka Lou Costello Labor Math)—Wall Street was mostly credulous and accepting of the numbers, with the broad stock indices moving mostly sideways after an initial and brief morning drop.
Stocks ended slightly down on the day, although the Nasdaq managed to eke out a small gain.
U.S. stocks ended a choppy trading session mostly lower after Friday’s jobs report showed more robust growth in the American labor market last month than had been expected.
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