{"id":62750,"date":"2023-01-06T15:07:51","date_gmt":"2023-01-06T23:07:51","guid":{"rendered":"https:\/\/drduru.com\/onetwentytwo\/?p=62750"},"modified":"2023-01-07T15:26:27","modified_gmt":"2023-01-07T23:26:27","slug":"soft-economic-news-sparks-late-new-years-cheer-the-market-breadth","status":"publish","type":"post","link":"https:\/\/drduru.com\/onetwentytwo\/2023\/01\/06\/soft-economic-news-sparks-late-new-years-cheer-the-market-breadth\/","title":{"rendered":"Soft Economic News Sparks Late New Year’s Cheer – The Market Breadth"},"content":{"rendered":"\n

Stock Market Commentary<\/strong>: <\/h2>\n\n\n\n

It took a mixed jobs report and soft economic data to spark late New Year’s cheer in the stock market. The December jobs report<\/a> refreshed the message of a strong labor market whose unemployment rate has stayed between 3.5% and 3.7% the entire time the Federal Reserve has hiked interest rates. Yet, Wall Street seemed to take solace in slightly lower wage growth than “expectations.<\/a>” Perhaps more importantly, the December ISM Non-Manufacturing Index<\/a> fell to 49.6%. Economic contraction in the services industry occurs below 50%. The index was last below 50% almost three years ago. These two signs of softness are quite marginal, but the stock market celebrated with late New Year’s cheer anyway. This market is constantly grasping for any sliver of good news about inflationary pressures. The resulting rally was enough to grant the S&P 500 a 1.5% gain for the new year’s first week of trading. <\/p>\n\n\n\n