The January jobs report is out. And after a taking a few minutes to process the information, markets are now surging.
Dow futures are up 110 points. S&P futures are up 8 points.
U.S. stock market futures were up handily ahead of the report. Dow futures were up 69 pts, S&P futures up 6 points. The 10-year yield was at 1.99 per cent.
Gold jumped to $1,673 from $1,663.
The January non-farm payrolls number was a bit lighter than expected, but the December and November numbers were revised up significantly.
Here’s a look at Dow futures via FinViz.
The unemployment rate also ticked up to 7.9 per cent from 7.8 per cent a month ago.
At the December FOMC meeting, the Federal Reserve said it would employ unemployment rate and inflation rate targets to help guide monetary policy. The unemployment rate threshold was 6.5 per cent. Given that, gold may be moving on prospects for extended easy monetary policy.