Description: SPRING FEVER: STOCKS HIT NEW HIGHS! Wall Street had been looking forward to this jobs report after March's numbers were lackluster. Investors also wanted to gauge whether the Federal Reserve could stay on its current path towards monetary policy normalization. The Fed held interest rates steady earlier this week but hinted at the possibility of a June rate hike. Market expectations for a rate hike next month were 78.5 percent on Friday according to the CME Group's FedWatch tool. U.S. equity futures rose slightly after the jobs data were released while Treasury yields traded mixed. The benchmark 10-year note yield fell to 2.343 percent after a brief rise following the data release. The two-year note yield meanwhile rose to 1.31 percent. "It was a good number" said Robert Tipp chief investment strategist at PGIM Fixed Income. "I think the bond market had priced in an upside surprise after [March's] depressed number." Wall Street also kept an eye on oil prices as they tried to rebound from a five-month low. West Texas Intermediate futures for June fell 0.24 percent to $45.41 per barrel trading near its lowest levels since November. In corporate news Berkshire Hathaway Chairman and CEO Warren Buffett sold a third of his IBM stake or 81 million shares sending the stock down more than 3 percent. "I don't value IBM the same way that I did 6 years ago when I started buying... I've revalued it somewhat downward" Buffett told CNBC.
By Frankie Cordeira Jr.
Pinned to Domestic and Global News on Pinterest
Found on: http://ift.tt/2pig1CS
By Frankie Cordeira Jr.
Pinned to Domestic and Global News on Pinterest
Found on: http://ift.tt/2pig1CS