The major equity indices rallied for most of the morning following the positive jobs report. After posting strong earnings reports, LinkedIn and Twitter are a couple of the strongest gainers in today's session. Despite this, the major equity markets have turned red as we await one more economic data release.
At 3:00 PM EST, the Federal Reserve will release the monthly consumer credit report. It is estimated that consumer credit outstanding balance will rise $15.2 billion in January over December. Consumer confidence has been on the rise lately, and the street is still waiting for consumers to prove it with their wallets. We anticipate that non-revolving credit (long-term loans) will post a strong gain, however, with retail sales slowing for most of January, we may be in for a bit disappointment in terms of credit card use.
Gold and Metals are lower today on a stronger dollar due to the jobs report. And Oil is continuing higher, and at this point, it looks to be sporting an 11% gain for the week.