The Little Rally That Could Chugs Upward and Onward
This morning the eagerly awaited nonfarm payrolls report was released. The US added 157K jobs in January which was slightly below the 165K consensus. Additionally the unemployment rate ticked up to 7.9% which was worse than expected. But on the plus side the December number was revised up to 196K from 155K. Following the jobs report the market saw a tiny spike upward followed by a decline. However the 10:00 a.m. ET ISM manufacturing numbers were above consensus driving an impressive stock rally with notable strength in the tech-heavy Nasdaq (INDEXNASDAQ:.IXIC) financials and small caps. We also saw bonds ...
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