The ADP report couldn’t save stocks yesterday. European concerns that were shrugged off last week came back with a vengeance. The anemic Spanish bond auction sent the broader market reeling. The ISM services miss also did not help the cause of the bulls and sent the bears stampeding through the major indices.
While growth concerns are creeping back into the market, the focus will be on the jobs report. If labor strength continues, the US markets could end up decoupling from European markets and continue higher.
The Dow closed down 125 points yesterday. The Nasdaq and S&P 500 both closed down 45 and 14 respectively. [Read more...]