The Labor Department said that some 180,000 jobs were added in March (168,000 were expected) and the jobless rate fell from 4.5% to 4.4%.
The bad news is that Wall Street has been living the dream that interest rates should be lowered at anytime. Strong economic numbers like these certainly won’t support the wishes of the traders.
The final reaction as to the interpretation will come Monday morning when Wall Street’s button pushers return to their electronic trading desks ready to put their well rested thumbs to good use.
There’s no sense in trying to figure out whether they will favor the Buy or Sell buttons. My wild guess is that the bias will be towards the downside—at least temporarily.