Stock Market Today: July Jobs Number Satisfies All Sides
NEW YORK ( TheStreet) -- U.S. stock markets returned to calm Friday as risk-off sentiment evaporated on a jobs number that was not too cold and not too hot. It was the "Goldilocks" number that market strategists such as Bill Stone, chief investment strategist at PNC Asset Management Group was looking for.
"In the intermediate term, a stronger economy and more jobs is certainly better for stocks," said Stone. "As long as geopolitical concerns don't intrude, yields should move higher on a better payrolls number."
Nonfarm payrolls rose by 209,000 in July, which was slightly lower than the average 233,000 estimate expected by economists surveyed by Thomson Reuters. However, it still marks the sixth consecutive month of growth exceeding 200,000. It was solid number that was not strong enough to trigger short-term concerns of expedited Federal Reserve rate hiking, and certainly not weak enough to signal economic vulnerabilities. The June number was upwardly revised to 298,000 from 288,000.
The S&P 500
All the indices finished negative for the month on Thursday, with the Dow in the red for the year and the VIX spiking more than 27% to 16.98 as mixed earnings reports, concerns about the health of the European economy and financial sector, and the wait for Friday's nonfarm payrolls report rocked the global markets.
On Argentina, strategists say many had already seen the second default in 13 years coming, and the event was largely already baked in before Thursday's plunge.
The broader market was also being buoyed by upbeat results from Tesla
Individual companies making the headlines Friday also include Iliad