Hello MarketClub members everywhere. Fed Chairwoman Janet Yellen said last week that the central bank was prepared to raise interest rates at the March meeting unless something unexpected happens and that hasn't happened. A solid February jobs report certainly clears the way for the Fed to raise interest rates at its meeting next week.
The U.S. economy added 235,000 jobs last month, the Bureau of Labor Statistics said, adding the unemployment rate ticked lower to 4.7 percent. Payrolls came in a bit stronger than expected and the average hourly earnings accelerated to a 2.8% rate over the past year, the Labor Department said.
Hello MarketClub members everywhere. Markets have backed off their recent highs as investors price in a near-certain March U.S. interest rate increase by the Federal Reserve. Market expectations for a rate hike are standing at 84.1% today, this according to the CME Group's FedWatch tool. The FOMC is set to meet between March 14 and 15.
Hello MarketClub members everywhere. The stock market is taking a breather today and the dollars five-day advanced has ended as traders have turned cautious before Fed Chair Janet Yellen discusses the state of the economy later today. Everyone will be listening for clues about when and how much the Federal Reserve will raise interest rates.
Gold (FOREX:XAUUSDO) has slipped 0.3% to $1,229.20 an ounce. It's down 2.1 percent for the week, after four straight weeks of gains. The U.S.Dollar Index (NYBOT:DX.M16.E) is down .3% as well, ending a five day rally that saw it top $102.19.
Hello MarketClub members everywhere. The Dow has crossed 21,000 for the first time, the dollar has jumped the most in six weeks and Treasuries fell as investors grew increasingly confident global economic growth is accelerating, clearing the path for higher interest rates.
Big banks led gains among stocks, with The Goldman Sachs Group Inc. (NYSE:GS) and JPMorgan Chase & Co. (NYSE:JPM) trading at all-time highs as the odds for a rate hike in two weeks swelled past 65 percent and President Donald Trump's address to Congress did little to alter views that his administration will seek pro-growth policies.
Hello MarketClub members everywhere. The stock market retreated Friday as a poor set of European corporate earnings compounded investor nervousness before President Trump's speech before Congress next week. Gold has extended its rally higher as the dollar has edged lower.
U.S. stocks are falling across the board with the three major indexes all lower. The Dow, which was down 0.26 percent at 1:39 p.m. in New York, has hit daily highs for the past 10 sessions, its longest streak since 1987.