With stock markets already bouncing around all-time highs, it was something of an open question whether even a decent jobs report would rouse any animal spirits among the investing classes. But they did. S&P 500 futures got a lift on the better-than-expected numbers.
And even the somnambulant bond market—lulled into complacency by the steady bond purchases of Ben Bernanke’s Federal Reserve, were awakened by the solid data. Prices on bonds fell, which pushed yields—they always move in the opposite direction—sharply higher.
So what’s next for the market now that we’ve surpassed the pre-crisis highs? Well, we’ve just cracked through the 15,000-level on the venerable Dow Jones Industrial Average, though it remains to be seen whether we can hold it.
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