The stock market was given another boost by better-than-expected economic data today, with an August jump of 67,000 jobs in the private sector. Overall, non-farm payrolls declined by 54,000, but that was primarily due to the elimination of 114,000 temporary jobs created for the federal census.
S&P index futures rallied over 14 points on the news. And with demand for stocks increasing, both 10- and 30-year Treasury bonds continue to sell off from their lofty levels and yields are moving up for the second day in a row.
While the data still shows a fragile economy, a double-dip recession seems increasingly less likely. Building off of 1080 on the S&P 500 will be important to establish a short-term trend. All eyes will be focused on next week’s economic calendar and whether the market can continue its uptrend.