Mood Swings for Mr Market – Janauary 6th
Equity markets have been all over the map as Mr. Market is having extreme mood swings after getting a much better than expected jobs report. Break out the medication.
The private sector added 212,000 seasonally adjusted jobs in December, while government shed 12,000, driving the unemployment rate to 8.5%. That is the lowest unemployment rates since February of 2009 – that’s almost three years. In addition the average work week grew in December by the equivalent of 400,000 jobs. Overall this was a good report.
Despite the good jobs news the S & P 500 is down 5 and the NASDAQ is down 6.
Oil is down a dollar to $101.00 barrel.
Gold continues its week long rally flat at $1619 a Troy ounce.
The Euro is at 16 month lows, at $1.27 versus King Dollar.
A Federal Reserve report Wednesday shows $7 trillion in home equity has been lost since 2006 has the average home price has declined 33%. This comes as default notices declined in Deschutes County in 2011 by 37%. The 2,364 default notices during 2011 is still well above the historical level which is on average a couple hundred notice filings.
Join us Saturday at 10 for Financial Focus when our professional tax expert Diana Day-Murphy will our guest.