Photo: Google Finance
Markets were off to a strong start after a strong jobs report.But that rally has been losing steam. And the S&P 500 just turned negative.
In November, US companies added 146k new nonfarm payrolls, which was much higher than the 85k expected by economists.
The unemployment rate fell to 7.7 per cent. Economists were expecting this metric to remain unchanged at 7.9 per cent.
Consumer confidence, however, unexpectedly plunged to 74.5 from last month’s reading of 82.7. This was much worse than the 82.0 expected.