03 Aug Stocks jump
Stocks jumped up close to 2% at the open as the government reported 163,00 new jobs were added versus the low estimate of 100,000 expected. While this is an improvement from last month’s dismal number of 63,000, it is still well short of growth. Nevertheless, investors moved the Dow up 200 points, so it currently sits above 13,000. mortgage bonds are being pressured lower, so interest rates will push up a bit higher today. While this is a better than expected number, it has many wondering if it’s good enough to hold off the Fed from QE3. For now, there is still plenty of uncertainty with Europe and politics that the U.S. will have to sift through. We will maintain a locking bias for short tem transactions.