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The stock market has been discounting bad economic news as being weather-related for some weeks now, so now that we have had news of a fillip in the labour market it isn’t that surprising that the market is reacting with some inertia.
There is also caution seeping back into the market just because it’s the weekend and that means two days where the markets are shut but geo-political events can worsen, so I think it’s very much with one eye on Ukraine that investors are squaring some positions as we come to the close of the week.
Next week is going to be fairly quiet in terms of US macro-economic indicators until we get to Thursday, when we have retails sales data for last month. Once again, it will be interesting to see what kind of effect the bad weather has had on this report.