But actually, it could have been much worse.
First, the scoreboard:
S&P 500: -2.30
And now, the top stories:
- Once again it was a fairly quiet night overseas. Asia was down a bit (though there’s a bigger brewing story in the market declines in emerging Asia: India and Indonesia, where inflation is becoming a big fear). There wasn’t really that much headline wise. Gold did slide overnight, continuing a recent trend.
- Europe was similarly quiet, although “haircut” fears continue, as spreads continue to widen, and the euro keeps tanking.
- After sliding in the early going, US futures were higher before the big jobs report at 8:30.
- Then at 8:30 we got the bad news of the Non-Farm Payrolls report. Just over 100K jobs were created in December, which was actually close to the old estimates, but after the ADP number expectations had been ratcheted much higher.
- After the news, stocks dived, gold rebounded, and the dollar slid… but then soon after that abated and stocks briefly went higher.
- And they might have stayed there had it not been for a ruling from the Mass. Supreme Court slamming the banks by preventing their ability to foreclose on houses if they don’t clearly hold the mortgage. That whacked stocks like Bank of America and Wells Fargo, and pretty. Click here for more on Bank of America’s mortgage repurchase risk >
- Also on the big company news front: Verizon announced an event for Jan. 11, and everything thinks it means they’re getting the iPhone.
- For a deeper dive into today’s jobs report, see here >
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