The Fed's job report was released this morning and the number was far below expectations. Economists predicted a gain of 180,000 but only 75,000 jobs were created in the month of May. The unemployment rate remains unchanged at 3.6%. March and April's numbers were revised lower.
At first, the markets took a hit with the weak data. After digesting it a bit, Wall Street's hopes for a rate cut increased, sending the markets higher. We are currently up over 300 points on the Dow and 40 for the S&P500. We may not close at the highs but today should settle with a significant gain.
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