Headline jobs report from the Bureau of Labor Statistics came in below consensus with a loss of 33,000. This is first monthly loss since September 2010. There is no doubt hurricane damage and disruption in two boom states, Florida and Texas, hurt the over number.
Beneath the headline, however, there are some very positive developments:
This is a good day for the market to take a breather as we now shift from government data to corporate earnings, and this is going to be a make or break moment for the rally on a short-term basis.
The good news is stocks got hit last earnings season on good to great news- it was a cathartic period for the market and would-be sellers worried about multiples and the age of the rally.
Have a great weekend.
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