2019 Econoday Investor's Journal Buy Now
Market Reflections  

March 10, 2017
February's employment report lived up to ADP's estimate, jumping 235,000 and including pressure on average hourly earnings which rose a sizable 0.3 percent in the month to lift the year-on-year rate back near 3 percent, at 2.8 percent. The data effectively assure a rate hike at next week's FOMC and hint perhaps, not at one or two more, but at several more hikes this year.

The Dow rose slightly on the day but ended 0.5 percent lower on the week, at 20,902. A big mover in the week, as it was last week, was the 2-year Treasury where the rising yield, at 1.36 percent for a 5 basis point weekly gain, reflects strong expectations for a rate hike.