arabianmoney.net / 05 April 2014
The Nasdaq down by 2.6 per cent led Wall Street lower on Friday after the US non-farm payrolls jobs data came in below expectations and traders sold momentum stocks from the tech sector. The Dow Jones Index failed to top its previous high and so did not confirm a Dow Theory bull market breakout (click here), though it has to fall through 15,372 to predict a new bear market and closed at 16,412.
Gold and silver bounced through $1,300 and $20 an ounce respectively. It’s too early to say if we are about to see a repeat of January in April with a slump in stocks and upturn in precious metals. Monday should be interesting for precious metals if stocks continue to sell-off.
Weak jobs data
Yields on five-year US treasuries dropped the most in two months, widening the gap with 30-year bonds. The US economy added 192,000 jobs last month, well below a median forecast for 200,000, according a Bloomberg survey of economists.
