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US stocks unable to brush employment data aside as S+P 500 posts lower close

The US monthly jobs report did throw some doubt into the US stock markets on Friday. As commented here at the time, on the one hand that very positive jobs news was not necessarily bad news for stocks, but on the other the higher yields it produced was a headwind for the equity markets. So, despite rising to a new record high at 5,375 after the European close, the S+P 500 was unable to hold that gain into the US close, when it later ended the week, 5.97 points lower, at 5,346.99. From a technical perspective, that close was not positive, as you can see, if you look at a daily candle chart of the index. That was a clearly defined inverted hammer, or more rather a shooting star formation. Many Asian markets have been closed today, so trading overnight has been rather un-dynamic. The S+P 500 future is currently pricing the reopening for later today at around 5,347
 

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