The Non-Farm Payrolls Report this morning was a mixed bag, with enough different kinds of data to provide material for both the hawks and the doves.
The dollar initially rose and stocks dumped, in sympathy with global stocks overnight action, especially the emerging markets.
But at some point Wall Street decided it was all good, and the word went from desk to desk that ‘the Fed’s got our backs, come what may. So don’t ask why, just buy!’
And so US stocks climbed for the rest of the day on slow but steady buying, and after initially being slammed hard lower, gold recovered, as did silver, which managed to hold on to the 15 handle.