Non-Farms Payroll Report: Market Happenings For Friday, May 03, 2013

Dow stocks at 52 week highs include Walt Disney (DIS) and Microsoft (MSFT). There are no Dow stock 52 week lows.

The Market

Wednesday the Dow closed up +130.63 (+0.89%) at 14,831.58.

This morning the Dow is indicated to open up +117 points.

The April Jobs report is up 165,00 with unemployment at 7.5%

Employment was up more than forecast in April and the jobless rate unexpectedly declined to a four-year low of 7.5 percent. Payrolls expanded by 165,000 workers in April following a revised 138,000 increase in March that was larger than first estimated. Median expectations were for a 140,000 gain. Revisions to the prior two months’ reports added a total of 114,000 jobs to the employment count in February and March.

Average hourly earnings rose 1.9 percent from a year earlier to $23.87.

The workweek shrank to 34.4 hours for all U.S. employees on average from 34.6 hours in March. Part of the reason may be reflected in an increase in part-time employment.

The number of employees not working a full week rose to 27.5 million from 27.4 million. Some 278,000 more employees were working part-time for economic reasons.

So, it’s looking possible we could hit 15,000 on the Dow today or Monday.

And here I sit all in cash. Maybe I’ve made a mistake. My thinking was May would be a down month. But maybe not. There was no catalyst in the April Jobs report. However, I did plan on getting back in if the chart trends straightened out on ^RUT, EEM, PSVIX and ODVYX.

European markets are higher and Asian markets ended mostly higher.

The national average price of gasoline is down three-tenths of a cent to $3.522 per gallon. Looks like it’s time to gouge the summer traveler.

Earnings Reports

Walt Disney (DIS) reports earnings on 5/7/13 after the close.

Cisco (CSCO) reports earnings on 5/15/13 after the market close.

Cisco (CSCO).

Financial Calendar

0830 ET Apr non-farm payrolls expected +148,000, Mar +88,000. Apr private payrolls expected +160,000, Mar +95,000. Apr mfg payrolls expected +5,000, Mar -3,000. Apr unemployment rate expected unch at 7.6%. Mar -0.1 to 7.6%.

0830 ET Apr avg hourly earnings expected +0.2% m/m and +1.9% y/y, Mar unch m/m and +1.8% y/y. Apr avg weekly hours expected unch at 34.6, Mar +0.1 to 34.6.

1000 ET Mar factory orders expected -3.0%, Feb +3.0%.

1000 ET Apr ISM non-manufacturing index expected -0.4 to 54.0, Mar -1.6 to 54.4.

1230 ET Fed Governor Daniel Tarullo speaks on “Evaluating Progress in Regulatory Reforms to Promote Financial Stability” at a conference in Washington D.C.

1245 ET Richmond Fed President Jeffrey Lacker speaks on the economic outlook at a meeting of the Risk Management Association of Richmond.

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