MARKETS SNOOZE THROUGH GREEK CREDIT EVENT AND JOBS REPORT: Here's What You Need To Know

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Photo: Flickr – bananeman

Today was all about jobs and Greece.First the scoreboard:

Dow: 12,922.0, +14.08, +0.11%
S&P 500: 1,370.8, +4.96, +0.36%
NASDAQ: 2988.3, +17.92, +0.60%

And now the top stories:

  • The U.S. economy added more than 200,000 jobs for the third straight month. This morning’s employment report showed that the U.S. economy added 227,000 jobs in February but the unemployment rate stayed at 8.3 per cent. Ex-public sector, payrolls increased by 233K.
  • Just as important are revisions to previous months’ data. January nonfarm payrolls were revised up to 284K from 243K, while December figures were revised to 223,000 from 203,000. Another bullish sign from today’s report? The public sector only shed 6,000 jobs. Watch El-Erian pour cold water over today’s job’s report >
  • Greece’s finance ministry said 85.8 per cent of private investors have signed up for the debt swap. It also said it would use its CAC legislation to force the remaining holdouts to participate in the debt swap. Fitch downgraded Greece from “C” to “restricted default” but the move hardly came as a surprise to anyone. S&P has previously put Greece in “selective default.”
  • The International Swaps and Derivatives Association (ISDA) determined today that Greece’s bond swap has triggered a credit event in which credit default swaps will be paid out. Markets barely reacted to the news, suggesting that this was already priced in. Now here’s who gets clobbered if Greece defaults >
  • Another important data point that was overshadowed by today’s job report: January trade. Analysts had expected the trade deficit to grow to $49 billion, but the shortfall widened to $52.6 billion. This was the widest trade balance since 2008.
  • This was followed by wholesale trade data for January which was released at 10 AM ET. Wholesale inventories increased by 0.4 per cent to $475.5 billion, missing analyst expectations.
  • Green Mountain’s shares plunged 25 per cent in after-hours trading after Starbucks announced late yesterday that it would begin selling single-cup coffee brewing makers, entering into direct competition with its former partner. Green Mountain’s shares did however gain a little after Starbucks said it would continue to supply it with K-cups. Now here’s David Einhorn’s presentation that absolutely destroys green mountain coffee >

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