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Goodbye Tariffs, Hello Jobs

Posted 12/06/2019 9:00AM CT | Jeff Yasak

Global equity markets were higher Friday morning with China indicating that they will waive tariffs on some soybean and pork imports from the U.S. while a strong jobs number further rallied the markets before the open. This olive branch from China is the latest turn of events in the two-year trade war between the countries that has been causing havoc in the investor and business sectors. Today’s release of the jobs number by the Labor Department easily topped expectations. Economists were expecting a gain of 187,000 jobs while the actual number of 266,000 was announced.  Also, the unemployment rate dropped to 3.5% from October’s 3.6% number, matching a 50 year low. Wages also rose a strong 3.1% in November compared to the previous year.

Support today is checking in around 310500 and 309400 with resistance showing 312800 and 313800.

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Jeff Yasak

Senior Market Strategist
Jeff studied finance at the University of Wisconsin-Madison and at Loyola University. He left the corporate world in 1995 to pursue his dream of working in the financial markets. Jeff's trading career began as a clerk in the S&P 500 pit at the Chicago Mercantile Exchange. This is where he developed a great interest in the options market that led him to the retail futures business. Jeff spent a few years as a broker's assistant before managing clients of his own.
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