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Midday Market Update

Stocks Higher After Jobs Report

U.S. Market    
Stocks were higher in choppy trading this morning after a better-than-expected employment report.

The U.S. economy added 195,000 jobs in June while the unemployment remained unchanged at 7.6%. Additionally, payroll data for April and May were revised upwards by a combined 70,000 jobs. Economists had expected only 160,000 jobs to be added in the month. The better-than-excepted data raises the chance that the Fed’s plan to taper its purchases of mortgage-backed securities as early as the end of this year is still on track. Worries about the Fed exit sent 10-year Treasury yields up sharply to 2.69%. 

At midday the DowS&P 500  and Nasdaq were up 0.5%, 0.6% and 0.7% respectively.

Stocks on the Move
There was limited corporate news today after the Independence Day holiday. 

Foreign Markets
European markets ended lower today, giving back some of Thursday’s big gains. In late trading, the FTSE 100, Paris CAC and Germany’s DAX were down 0.7%, 1.5% and 2.4% respectively.

Asian shares were higher on the day. The Shanghai Composite was up 0.1%, the Hang Seng as 1.9% higher while the Nikkei 225 rose 2.1%.