Despite a relatively impressive jobs report, U.S. equity markets slumped in Friday trading as continued tension in the Middle East and North Africa hit the markets hard once again. The Dow was off by 88 points while the S&P 500 and the Nasdaq posted losses of 0.7% and 0.5%, respectively. Meanwhile, safe haven commodities roared higher as gold gained more than $14/oz. and oil rose by close to $3/bbl. as the prospect of further supply shocks weighed on a number of market sectors. This also carried over into the bond market where Treasury bills reversed their recent downtrend. Traders piled into these safe assets, pushing the 10-year note?s yield below the 3.5% mark and the 2-year?s below 0.7%.
Today?s losses and flight to quality came despite a decent gain in total employment, as the figure reported was still under analyst expectations. Non-farm payrolls increased by 192,000 in the month of
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