Day Traders Diary
February 3, 2012
WRAPX S&P futures vs fair value: +14.20. Nasdaq futures vs fair value: +26.00.
Stock futures have sprinted higher in response to a better-than-expected monthly payrolls report. Officially, nonfarm payrolls jumped in January by 243,000, which is far greater than the increase of 155,000 that had been expected, on average, among economists polled by Briefing.com. The increase in private payrolls totaled 257,000, which is greater than the 168,000 additions that had been broadly expected. Meanwhile, the headline unemployment rate fell to 8.3% from 8.5%, which is where it had been widely expected to remain.
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