U.S. Markets closed

Stocks Feeling Confident on the Back of Payroll Report

The market moved higher across the board as the May nonfarm payroll report said that all the jobs lost in the recession had now been recovered. Rockwell economist Peter Cardillo has been confident for months as the economy has been on a steady upward trend and this report supports that. He is not surprised to see oil commodities move higher as a result. He does not expect the Federal Reserve to move up its schedule to reduce asset buying, even though unemployment has dropped to 6.3%. He expects any big move from the Fed will take place in 2015 and the market has already priced that in.