Photo: Flickr / lilfunky1
Another all-time high for the Dow.First the scoreboard:
Dow: 14,390, +61.4 pts, +0.4 per cent
S&P 500: 1,551, +6.9 pts, +0.4 per cent
NASDAQ: 3,244, +12.2 pts, +0.3 per cent
And now the top stories:
- The Dow Jones Industrial Average closed at yet another all-time high. And the S&P 500 is within points of its all-time high of 1,565.
- Market gains came in the wake of a bullish jobs report. U.S. companies added 236k new jobs in February. This was way ahead of the 165k forecast by economists. This even beat the most bullish economist’s forecast. Private payrolls jumped by 246k, which was also well ahead of expectations. The unemployment rate fell to 7.7 per cent. Economists expected the rate to stay flat at 7.9 per cent.
- On the downside, the labour force participation rate fell. Also, the unemployment rates for teens and those with bachelor’s degrees and higher climbed.
- While the numbers were much better than economists’ expectations, they still reflect a job market that remains incredibly weak four years into the economic recovery.
- ECRI’s Lakshman Achuthan would tell you that the U.S. jobs market is actually recessionary. But while one sceptic remains bearish, another has turned bullish. PIMCO’s Bill Gross boosted his 2013 real GDP growth forecast to 3 per cent from his previous forecast of 1.25 to 1.75 per cent.
- Don’t Miss: GOLDMAN: These Are The 12 Cheapest Stocks In The Market >
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