It's a tug of war between earnings and interest rates. The job numbers were stronger than expected. Hourly earnings, while for the month were as expected, came in for the year at a level that might make the Fed uncomfortable. The case is here that we have a strong economy we're creating jobs, wages are going up. That means for the time being corporate profits are in good shape.
More Quotes from Jim Awad:
There are questions as to whether the growth rate is sustainable.Jim Awad
You're getting a relief rally in bonds ... and that's giving you what looks like at an attempt at a rally in stocks, despite the bad news out of Microsoft with the delay of its product. The GM news is also a minor positive.
Jim Awad
We've just come off a very big quarter and so we have to digest some of those gains.
Jim Awad
There's a tug of war between earnings and interest rates. Earnings are continuing to overwhelm the worries about interest rates.
Jim Awad
The market is caught between good quarterly reports, such as the one from Disney, and the reality of company guidance for future earnings that is far from stellar.
Jim Awad
It's more news of good economic growth and low inflation. That takes pressure off of stocks.
Jim Awad
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