Equity markets end higher, erasing what was a negative picture overnight...
...as futures were broadly lower (Dow futures fell more than 100 points overnight), led by energy shares. The old “bad news is good news” was back for major averages again today, as the weaker jobs data on Friday was seen more as a reason to keep “loose” monetary policy in place longer for the U.S. (helping market sentiment) then a negative for the economy.
In addition, investors received more “dovish” commentary from NY Fed President Dudley, while an in-line ISM services report was perceived as positive (guess good news is also good news). Crude oil prices weighed on transports, but lifted energy stocks (which pushed major averages higher), while lower bond yields kept financial gains in check. Note S&P futures touched a low of 2,044 at about 8:00 AM this morning, but up more than 30 handles from that level.
Hammerstone Report Closing ReCap - 4/6/15