U.S. Indices Rally Following NFP
The U.S. indices are on the march north, led by the S&P 500 SPX, up 10 points through the first hour of trade.
The U.S. Nonfarm Payrolls (NFP) report for March has come in exceptionally strong, with the economy creating 196K jobs last month. Unemployment remained at a static 3.8%, beneath the key 4% FED benchmark rate. Equities players are going long on the news, driving the U.S. indices north through the first hour of trade.
NFP Outperforms Expectations
Today’s jobs numbers go a long way to reinforce the notion that the U.S. economy is still growing at a strong rate. Even though Q1 GDP is expected to fizzle, this collection of figures bodes well for the market:
Event Actual Projected Previous
NonFarm Payrolls (March) 196K 180K 20K
Unemployment Rate (March) 3.8% 3.8% 3.8%
Labor Force Participation Rate (March) 63.0% 62.9% 63.2%
On the flip side of the employment stats, Average Hourly Earnings (MoM, March) fell 0.3% from February’s numbers. This may be due to any number of reasons, but the statistic is also down on a year-over-year basis.
U.S. Stocks Are Enjoying The News
The U.S. indices are on the march north, led by the S&P 500 SPX, up 10 points through the first hour of trade. However, the June E-mini S&P 500 is faring better, pushing daily highs near 2895.00.
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Overview: At this point, it appears to be full steam ahead for the U.S. indices. Even though gains are modest, values are approaching all-time highs. Aside from some likely profit taking toward today’s closing bell, we may see fresh milestones posted in the DJIA, NASDAQ and S&P 500 as early as next week.
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