Market Update: March 3, 2016
The US labor market is still a force to be reckoned with. On Friday, we learned we created 242,000 jobs in February, while the unemployment rate held steady near a post-crisis low of 4.9%.
The US stock market, meanwhile, has been in rally mode over the last month with the Dow climbing back above 17,000 on Friday and the S&P 500 closing just .01 points below 2,000. It was just a few weeks ago that you couldn't turn anywhere in markets and hear much other than calls for recession and a reversal from the Federal Reserve.
The next few weeks will be busy for central bank announcements, and while markets expect more action from the European Central Bank this week and no action from the Fed in about 10 days, reports of the global economy's downturn appear, for now, to have been greatly exaggerated.
As for the US economy, this week will be a slow one on the data front after last week's chaotic schedule.
If you need a day off or just a chance to clear your head after a hectic start to the year, this week is your chance to take a breather.
This week's economic news is highlighted by the ECB meeting on Thursday and here's what the rest of the week looks like:
- Tuesday - NFIB Small Business Optimism Index
- Wednesday - Mortgage Apps, 10-year Not Auction
- Thursday - Initial Jobless Claims and ECB Meeting.
Author: Kirsten Hamling