Rally puts equities up again
Equities rallied late in the session after a downward move to start the day. The Dow was dragged down on poor earnings reports, along with the slide a slide in crude oil bringing down energy producers. Crude oil hit a six month low, dropping over 250 points before the day was over. OPEC’s announced production cuts haven’t been able to slow a build to surplus levels of crude.
House Passes Healthcare Bill
House Republicans were able to pass a new healthcare bill on Wednesday. The bill will have to go to the Senate, where passage appears to be more of a challenge. The markets seemed to take it in stride without much of a reaction. If the bill passes it could be a sign of progress in D.C. and the markets may be looking for the same in regards to tax reform.
Friday brings Jobs Data
Market observers and participants will be carefully watching the jobs numbers on Friday at 7:30 AM Central time. Consensus projections have Non-farm payroll in the 150,000 to 225,000 range, and looking for 185,000. If tomorrow’s numbers come in anywhere the 98,000 we saw for March, look for some strong moves to the downside. Anything close to consensus or higher will have the Fed in line for a rate hike at the June FOMC.
Sincerely,
John Weyer
John Weyer
Director Commercial Hedging
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