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We have had a little time to dig into Fridays big jobs report where the U.S. economy created 211,000 jobs in April, rebounding sharply from a downwardly revised 79,000 in March. The unemployment rate ticked down to 4.4% versus expectations of an increase to 4.6%, helped by a decline in the participation rate. Wage growth climbed 0.3%, in line with expectations, and stands at 2.5% year over year, signaling that wage pressures remain contained despite an improving labor market. The overall jobs picture likely keeps the Fed on track for two more rate hikes in 2017. (LPL Research)

 

The past eight days are about as slow as it gets. The S&P 500 has incredibly closed up or down less than 20 basis points seven of the past eight days, tying the all-time record from 1972. Additionally, it has closed less than 0.5% away from new all-time highs each of those days, but hasn't been able to make new highs. In fact, the S&P 500 hasn't made a new high since March 1st. (LPL Research)

 

Coach is buying the clothing and accessories maker Kate Spade for $18.50 per share or $2.4 billion in cash. Coach said it would save $50 million in operational costs within three years. (CNBC)

 

The S&P 500 is flat and the NASDAQ is up 3.  The MSCI international index is flat.

Oil is down 10 cents at $46.11 a barrel.

Gold is up $6 at $1233 a Troy ounce.

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Help Puerto Rico

Most organizations are asking for cash, rather than supplies, so they can route help to where it’s needed most more quickly. Here are some of the largest groups with campaigns underway:

 

Traffic

 

 

  • Click on the link for the latest conditions on the mountain passes.

 

  • Intersection of NW Broadway Street and NW Delaware for waterline replacement project, road closures with detours clearly marked for thru traffic, 7 a.m. – 4 p.m. daily with roads opened nightly. Motorists are encouraged to avoid this area and use Bond Street and Wall Street.

 

  • Nels Anderson Road between Nels Anderson Place and Brandis Court, single northbound shoulder closure will be in effect, two-way traffic to be maintained. Project completion expected December 2017.