Market Pulse
US close: S&P skids to worst start to a year ever in 2016
On Friday the S&P 500 finished the first four trading days of 2016 with a fall of 4. 9%, the worst start to a year ever recorded, despite the release of what most analysts appeared to agree was a better than expected reading on non-farm payrolls, although a reading on wage growth disappointed, and a small bounce overnight in Chinese stocks.
US December jobs report: analysts' reactions
"Yet more evidence that manufacturing and oil sector weakness is not enough to depress the overall economy. Don't fret over the zero hourly earnings number; it is due to a well-established calendar quirk, which depresses reported wages in months - like Dec - when the 15th (payday for people paid semi-monthly) falls outside the survey week. We continue to expect the next hike in March, with the Fed likely to raise rates by 150bp over the course of this year as wage gains accelerate beyond their comfort point.