My take is dont get too excited. Why . Because we just found out why weve been going up. Weve been going up, s p, people trying to figure out why. You have good employment. You have workforce growth and the hours not that great because of the weather, but i think you say to yourself, well, why is the s p going up every day . Oh, employment has gotten better and thats a major switch would it shock me if the market takes some profits in this . No, because its been going up on anticipation of something good and then we got the big enchilada good. I kind of like it. The s p has rallied the past ten jobs fridays in a row. Some say thats a ridiculous metric, but maybe its time for a reversion to the mean. No metrics are ridiculous if they just look, i forgot to wish the bull market happy birthday. Of course, it never happened, you know that . You know the bull market has never happened. Jim has been on a tear lately of the haters of this market, right . Yes. The haters will have to asterisk
Other loans, and we are going to talk about why it matters to you and what you should do now in a rising rate environment. And we are also approaching the anniversary of the financial crisis. Ify yeaand simon hobbs joins me here at the nyse. Early stock market gains on the backs of the employment report turned to a tripledigit loss earlier this morning. Since then weve been climbing our way back. Mary thompson has been watching all the action. Tough day. More sensitive to the downside than the upside at the moment. Thats right. Were holding on to a 22point gain which would be the dows fourth gain in a row if it holds right here as you take a look at the markets. A wild day, the dow in a 200point range dropping on comments by putin and recovering. Here are some of the groups were keeping a watch on today. Because the yield on the tenyear has come off the 3 and it touched overnight and because, of course, that weak jobs report were seeing strengths in the rate sensitive sectors, utilitie
June and july figures were revised lower. Unemployment rate fell a notch to 7. 3 because more americans gave up the search for rork. Jim, were looking for silver lunings here. Not too many when you look at threemonth, sixmonth average now that is nothing to get excited about. Right. And everyone keeps telling me back and forth, well, wait until you see the revisions. Ive done a lot of work on this number. Ive looked at it for the last five years. This is it. This number does not look through. People will trade off this number. Dl is nothing spectacular about it. It does come in right before a fed meeting. If the taper is going to be light. We are going to see Mortgage Rates down. It will be down next week. We havent seen that in a long time. The question this morning is whether or not it would go to five. Whether the 30year mortgage would go to 5 . That doesnt appear to be in imminent danger now. Going back to 4 1 2 . This is remarkable because that is a very important component of the
Well have details in sports. I know centuries ago, a long time ago. And we also sort of know who won that 400 million powerball jackpot. Ill explain in a few minutes. First the latest on the mall massacre in kenya. The standoff is now in its fourth day and still in the present tense, folks. Even though kenyan Officials Say it is close to its conclusion there are reports of a new explosion this morning. Kenyan officials also said late last night they have secured the upscale mall and no civilian hostages inside. Top kenyan Officials Saying some of the people behind the attack were, in fact, americans. Frj pretty much a fluid situation there, i guess, rohit. Reporter good morning, brian. It does appear so, earlier kenyan officials were saying the westgate mall, this giant Shopping Mall overtaken by this group of al shabaab militants on saturday morning, the kenyan officials were saying that the police have actually secured the entire building. Then after the confident declaration we hear
Then a showdown between president obama and Russias Vladimir Putin as World Leaders gather for the g20 meeting. Syria tensions dominating those talks. We are live at the summit in st. Petersburg. Simon hobbs is my pattern and hes at the new york stock exchange. Hi, simon. For those of you tuning in, welcome. We have great data today with one small exception. Obviously the economy is front and center as we gear up for tomorrows employment report. We have three separate reads on the labor market, the adp report showing the private sector with 176,000 jobs in august. That figure is very close to the consensus estimate tomorrow of 175,000 job gains, too. Separately we did get a report from challenger that says job cuts since august surged to the highest since february. But the number of americans actually filing for new claims for Unemployment Benefits fell get this to a fiveyear low. And the fourweek moving average is now at levels we have not seen since before the recession. As if that w