In case the failure of our Switzer Report supplier on Saturday meant you missed the huge story from Wall Street, I’ll give you an update. The March jobs report in the US revealed 196,000 newly-created positions when economists expected 175,000. This was a much better result than February’s lousy 20,000 figure, which was revised up to 33,000.
Importantly, it cooled down the hothead pessimists who have been praying for a recession. And bond yields rose reducing the fears about an inverted yield curve.
Optimism on the economy showed itself on the New York Stock Exchange, with materials and financials stocks surging, which has to be good for our market. These two groups account for 50.6% of the S&P/ASX 200 Index.