The KUIK Morning Market Report for Friday, March 10:
Markets are up.
Index
Direction
Change
Units
Time
Dow
Up
63
points
20,921
6:56 AM
S&P500
Up
0.4%
percent
2,375
Nasdaq Composite
Up
0.5%
percent
5,868
30 Year Treasury
Unchanged
–
Basis Points
3.18
Annual Yield
The Labor Department reports the U.S. added 235,000 new jobs in February, helped by a big gain in construction. Economists expected only 221,000 nonfarm jobs. The unemployment rate fell to 4.7% from 4.8%. Average wages rose 0.2% to $26.09 an hour, and it’s up 2.8% in the past year. The average workweek was unchanged at 34.4 a week.
The Wall Street Journal reports the head of the People’s Bank of China Zhou Xiaochuan at an annual news conference, indicated the bank is shifting away from the expansionary monetary policy of the last few years. With the economy healthier, the bank is moving to support government efforts to cut off overly generous credit and lower financial risks. Earlier this week, the yuan touched a two-month low as China reported its first trade deficit in three years. While urging greater tolerance for a more-volatile yuan, the central bank governor also pledged “no major changes” in China’s exchange-rate policy.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
