Stock futures bounce back after jobs data

Stock futures point to an upbeat open despite the disappointing jobs report; S&P +0.6%, Dow +0.4%, Nasdaq +0.7%.

Several factors combined to soften the blow of the report, including a willingness to dismiss the headline weakness as a weather-based distortion, and talk that a second weak monthly jobs report might prompt the Fed to slow down the taper.

On the other hand, it is clear from the report that the labor market isn't as strong as was previously thought a few months ago when nonfarm payrolls rose 200K-plus.

European markets gained ground after a German court delayed a decision on the legality of the ECB's bond-buying program.

The early drop in futures was accompanied by a surge in the yen and the subsequent reversal was supported by a wave of yen weakness.

Treasurys rallied sharply in response to the report but have slipped off their best levels; the benchmark 10-year yield now is little changed near 2.69%.

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